UK will not apply IAS 39 equivalent to unlisted entities

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25 Apr 2006

The United Kingdom Accounting Standards Board (ASB) has decided not to finalise its proposal to extend the scope of Financial Reporting Standard (FRS) 26 Financial Instruments: Measurement to all entities other than SMEs that apply the Financial Reporting Standard for Smaller Entities (FRSSE).

FRS 26 is essentially equivalent to IAS 39. Currently, FRS 26 applies to all listed entities still following UK standards and a small group of unlisted entities whose financial statements are prepared in accordance with the fair value accounting rules set out in the Companies Act. In April 2005, the ASB had proposed to extend the applicability of FRS 26. Click for (PDF 25k).

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