During a recent chat with an old friend and former colleague, we got on to the subject of living without section 98 meetings, and possible effects on SIP 8. After SIPs 3, 9 and 16, it is probably the fourth most referred to in ICAEW reviewer reports, so I am a little anxious to know how it might be updated.
“Well, they might not do another SIP 8….” came the answer.
After I cleaned up my spilt tea, my friend explained,” Word has it that the powers that be are not too keen on issuing a new SIP 8; current talk seems to be around the idea of a new SIP aimed at decision processes (thus mirroring the new rules) with sections dealing with things that are currently to be found in SIPs 8, 10, 12 and 15. And of course, it will follow the current pattern for being principles’ based with none of those helpful prescriptions which we have had in the past.
So, yet another lot of reading to look forward to, next year, though I will try to help.