Currently, non-UK listed companies may report using their national GAAP. The EU accounting regulation requiring EU listed companies to adopt IFRS in 2005 does not apply to non-EU companies listed on EU exchanges, but individual EU countries can extend the requirement to such companies. The FSA has issued a
Consultation Paper (PDF 318k) in which FSA said:
"With the introduction of IAS..., there will be consistency amongst all EU listed issuers that produce consolidated accounts. We believe that it is in the interests of investors for there to be consistency between all equity issuers with primary listings. So, we propose that overseas non-EU issuers should be required to report in either IAS or US GAAP."
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