IFRS will be acceptable to tax authorities in Britain

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11 Dec 2003

In his Annual Pre-Budget Report to the House of Commons, the UK Chancellor of the Exchequer Gordon Brown announced the following -->"deregulations: firms applying international accounting standards will not have to submit a second and separate set of accounts to the Inland Revenue.

For firms with turnovers below £5.6 million there will now be no independent audit requirement."

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