Companies Transferring from International Accounting Standards to UK GAAP

Companies that currently prepare their accounts according to international standards (IFRS) are now be to change their accounting framework to the Generally Accepted Accounting Practice in the UK (UK GAAP) – the official body of UK accounting standards – providing they have not moved to the UK system in the previous five years. Parent companies that are not required to prepare accounts under EU law using IFRS will also be able to take advantage of this.