Accountancy: Standards

(asked on 17th May 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 16 September 2020 (HL7849), which version of the International Financial Reporting Standards (IFRS) framework is applicable to directors preparing International Accounting Standards (IAS) accounts given that (1) the (a) EU, and (b) UK Endorsement Board, have not endorsed any framework, and (2) the EU adopted international accounting standards at the end of the transition period on 31 December 2020 which are not legislation and do not include any framework.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 25th May 2022

The Companies Act 2006 (the Act) requires UK-registered companies which use international accounting standards when preparing their accounts to use UK-adopted international accounting standards. UK-adopted international accounting standards are defined in Section 474 of the Act as the international accounting standards which are adopted for use within the United Kingdom by virtue of Chapter 2 or 3 of Part 2 of SI 2019/685. These are any international accounting standards endorsed by the EU as at the end of the EU Exit transition period, and any subsequent UK adoptions of international accounting standards by the Secretary of State or, following the delegation of this function, by the UK Endorsement Board. A consolidated text of UK-adopted international accounting standards can be found on the UK Endorsement Board’s website.

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