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All UK companies will be permitted to use IFRS

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18 Jul 2003

The United Kingdom Department of Trade and Industry has approved a regulation that permits, starting January 2005, all British companies to use International Financial Reporting Standards as an alternative to UK accounting standards.

European law already requires listed companies to use IFRS from 2005 in preparing their consolidated accounts. In the UK, that requirement will be extended so that, starting January 2005:
  • publicly traded companies in the UK will also be permitted to use IFRS in their individual accounts; and
  • other companies and limited liability partnerships in the UK will be permitted to use IFRS in both their individual and consolidated accounts. Click for Press Release (PDF 16k).

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