Thursday, April 13, 2006
The UK and IFRS: Convergence of Accounting Standards
In the UK, fully listed companies must use International Financial Reporting Standards rather than UK GAAP. Additional changes to IFRS are likely to occur this year in the areas of accounting for business combinations, disclosures regarding financial instruments, limitations on auditor liability and directors' duties. An article about the likely changes by Smith & Williamson is available here.