Any Answers answered: UK GAAP VS. IFRS. By Steve Collings

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Colleen Walker asks in Any Answers what the differences are between financial reporting under UK GAAP and IFRS. My initial answer to this (frequently asked) question is not a lot. The reason is that financial reporting under UK GAAP has more or less followed that of IFRS as it has always been the intention that the UK will report fully under IFRS eventually.

Currently we have quoted PLCs and AIM listed entities reporting under IFRS in the UK. The jury is out at the moment finalising the way forward for the rest of the UK (the SME sector) to follow suit.

When I say there is not a lot of difference, there actually is not. However, there are some (what I consider) quite notable differences between UK GAAP and IFRS, which I shall outline as follows:

Stock valuation

Under SSAP 9 <...

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