After a period of calm, several announcements by the UK Department of Trade and Industry in July 2003 put International Accounting Standards firmly on the agenda for many companies. This Solomon Hare digest summarises the main implications. UK standards and other company reporting issues are covered in a separate digest.
(a) Application of IAS to UK companies
In June 2002, EU Member States adopted the Regulation on the Application of International Accounting Standards (the 'IAS Regulation').
This requires companies governed by the law of a Member State to prepare their consolidated accounts in conformity with international accounting standards if their securities are admitted to trading on a regulated market of any Member State. In the UK, this will apply to consolidated accounts of fu...