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.
Standards recently introduced
Recent changes which affect accounts prepared under IFRS
- Update to definition of ‘material’ in IFRS standards
- Amendments to the business definition in IFRS 3: Business Combinations
- Changes to company law for medium/large companies applying IFRS
- Changes to company law for small entities applying IFRS
- IFRIC 23: accounting for uncertain tax treatments
- Amendments to IFRS 9 and IAS 28
- IAS 1 consultation aimed at increasing the relevance of accounting policy disclosures
- IASB proposes amendments to IAS 12 Income Taxes
- IASB consults on changes to IFRS
- IAS 32 – consultation on classifying financial instruments in financial statements
- Reporting of intangibles - FRC consultation
- Interest Rate Benchmark Reform – proposed amendments to IFRS