UK companies listed on an EU regulated market are required to prepare their consolidated financial statements in accordance with EU adopted IFRS (IFRS), complying with all relevant standards.
The rules of certain recognised stock exchanges that are not subject to the EU IAS Regulation have mandated the use of IFRS in the consolidated financial statements of entities listed on those particular exchanges. For example, the AIM rules require an AIM company incorporated in an EEA country to prepare its consolidated financial statements in accordance with IFRS.
Changes which affect accounts prepared under IFRS
- Extension of coronavirus rent concessions amendment in IFRS and UK GAAP
- IAS 1 amended to prevent boiler plating of accounting policies
- Amendments to IAS 12 - Clarification of accounting for deferred tax on transactions
- Interest Rate Benchmark Reform – changes to accounting standards
- Coronavirus and IFRS: financial reporting
- Brexit: changes to accounting
- Significant changes affect work needed for auditing going concern
- Amendments to IAS 1 Presentation of Financial Statements
- Update to definition of ‘material’ in IFRS standards
Consultations
- IASB consults on changes to IFRS 3 for mergers and acquisitions within a group
- Proposed new IFRS Standard for regulatory assets and liabilities
- Potential change to IFRS 16 in sale and leaseback transactions
- Proposed improvements to general presentation and disclosures under IFRS
For more information please get in touch with Danielle Stewart or Paul Merris.
