Financial reporting
Practical help in a complex world
Financial Reporting information for ICAEW members provided by the Financial Reporting Faculty.
What's new?
UK GAAP
Most companies can choose between UK GAAP and IFRS for their individual and consolidated accounts but UK GAAP remains the preferred option for the majority.
Narrative Reporting
The enhanced business review is required for all companies except some small companies. The OFR is no longer mandatory but is still considered to be best practice
IFRS (formerly IAS)
International Financial Reporting Standards (IFRS) are mandatory for listed companies from 1 January 2005 and AIM companies from 1 January 2007
UK regulation
All UK companies, whether reporting under UK GAAP or IFRS are bound by the provisions of the Companies Act and EU directives
