Accounting Standards.... is this right??

Accounting Standards.... is this right??

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Small business who fall under the limits of a statutory audit = FRSSE

Larger UK companies who fall above this = FRS

UK companies listed on the stock exchange = IFRS

Is that right??

I have read time and again that IFRS's apply to "UK Listed companies" as of around 2004?

By this, I'm not entirely sure if this listed as in listed on companies house or listed as on the stock exchange. Common sense tells me it's clearly, CLEARLY the latter.

Otherwise what would be the point of FRS's?

Also, from my previous studies last year, I remember reading that companies who require an audit can opt to international standards if they wish.

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By qasimjavid
19th Oct 2011 19:01

Small business who fall under the limits for FRSSE = FRSSE

Larger UK companies who fall above this = UK GAAP

UK companies listed on the stock exchange = IFRS

It refers to listed on the stock market - however according to EU Rules it is mandatory only for listed groups of companies rather than individual ones though a number of them do full IFRS anyway

As for auditing - the rules followed are that Clarified International Auditing Standards are followed but have been modified to take account of UK Company Law etc.

 

(though if you mean for preparing the accounts I assume the company could use IFRS if they liked but unless they are very large the costs of implementing this would make it unlikely)

Proposals are under way to replace UK GAAP with IFRS for SMEs http://www.pwc.co.uk/eng/issues/future_of_uk_gaap_ifrs_is_coming.html)

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