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UK government is considering extending the applicability of IAS

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03 Sep 2002

The United Kingdom Department of Trade and Industry has issued a consultation paper asking whether the EU requirement that listed companies follow IAS in their consolidated financial statements starting in 2005 should be extended to non-listed companies and/or to individual company (non-consolidated) financial statements.

Such extension might be on a voluntary basis or a compulsory basis. The consultation also asks whether UK companies that only have publicly traded debt (not equity) should be given until 2007 to adopt IAS (the EU regulation allows member States to grant such a two-year extension). Click here to (PDF 537k). Comments are due 26 November 2002. Click to go to DTI Website.

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