Financial Reporting - IFRS & UK GAAP- July 2006

International standards continue to develop, particularly as the process of achieving convergence with US GAAP gathers pace. While there may have been few new UK accounting standards so far in 2006, legislation continues to provide plenty of challenges for all preparers of financial statements. In this edition, we look at two proposed changes to international standards dealing with the presentation of financial information and the effects of further changes to UK company law.

The International Accounting Standards Board (IASB) recently issued an exposure draft of proposals to amend IAS 1 ‘Presentation of financial statements’.