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ARTICLE · 06 APRIL 2006

Financial Reporting - IFRS & UK GAAP- March 2006

Smith & Williamson
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2005 was a year of significant change for the financial reporting frameworks affecting all companies. Fully listed companies are now required to use International Financial Reporting Standards (IFRS) in place of UK GAAP, while UK standards have also undergone considerable change. However, this is far from the end of the story. In the first Financial Reporting newsletter of 2006, we look at further proposed changes to IFRS, as well as the UK Accounting Standards Board’s continuing deliberations o

United KingdomStrategy

Article by Yvonne Lang, Giles Murphy, Stephen Drew, Nigel Bolt, Chris Appleton and Ian Cooper

IFRS

2005 was a year of significant change for the financial reporting frameworks affecting all companies. Fully listed companies are now required to use International Financial Reporting Standards (IFRS) in place of UK GAAP, while UK standards have also undergone considerable change. However, this is far from the end of the story. In the first Financial Reporting newsletter of 2006, we look at further proposed changes to IFRS, as well as the UK Accounting Standards Board’s continuing deliberations on the timing of the switch from UK accounting standards to IFRS.

Business combinations – rewriting the concepts

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