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UK ASB seeks comments on converging with IFRS

  • United Kingdom Image

26 Mar 2004

The United Kingdom Accounting Standards Board has published a Discussion Paper on UK Accounting Standards: A Strategy for Convergence with IFRS.

The Paper proposes a phased approach to convergence, including:
  • New standards effective in 2005 and 2006 that will "enhance existing UK financial reporting requirements, maintain their position as highly regarded internationally, and adapt to changes in the law"; and
  • Thereafter, a series of 'step changes' replacing one or more existing UK accounting standards with standards based on IFRS as prospective IASB projects are completed.
Click for Press Release (PDF 28k). The Discussion Paper itself must be purchased from ASB. Comments are due 30 June 2004.

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