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US and Japanese companies moving to the UK to be given four years to adopt UK accounting principles

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20 Jul 2015

The Department for Business, Innovation and Skills (BIS) has today announced that it intends to remake and enhance existing rules to give US and Japanese companies moving to the UK up to 4 years to adopt UK accounting standards in their group accounts.

In 2012, temporary measures were introduced allowing parent companies listed on stock exchanges in USA or Japan that relocated their headquarters to the UK to continue to use their existing accounting rules when preparing group accounts.  Such companies were allowed up to 3 years before being required to apply British accounting principles.  In December 2014 the government began a review of the costs and benefits of these existing regulations and has decided to make them permanent and allow such companies a four year transition period.

Further details and the original consultation can be found on the UK government website.

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