UK consultation on use of IFRS by unlisted companies

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30 Mar 2004

The United Kingdom Department of Trade and Industry has released a consultation document Modernisation of Accounting Directives/IAS Infrastructure (PDF 655k).

DTI is seeking input on proposed changes to the UK 1985 Companies Act that would allow companies that are not already required by European law to follow IFRSs to choose IFRSs instead of UK GAAP in preparing their financial statements. Companies choosing the IFRS option would be able to reverse it only in limited circumstances. Parent companies would be required to ensure consistency of choice within the group unless there are good reasons against it.

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