International Financial Reporting Standards (IFRS) | Practical Law
International Financial Reporting Standards (IFRS)
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International Financial Reporting Standards (IFRS)
Practical Law UK Glossary 9-107-6725
(Approx. 5 pages)
Glossary
International Financial Reporting Standards (IFRS)
Accounting standards issued by the
International Accounting Standards Board
(IASB).
The
International Accounting Standards (IAS) Regulation
(
2002/3626/EC
) requires entities that have their securities traded on an
EU regulated market
to prepare their consolidated accounts on an EU-adopted IFRS basis.
For financial years beginning on or after 11 pm on 31 December 2020, the consolidated accounts of a parent company whose securities are, on its balance sheet date, admitted to trading on a
UK regulated market
, must be prepared in accordance with
UK-adopted international accounting standards
(
section 403
,
Companies Act 2006
).
For further information, see
Practice notes, Accounting standards used in the UK
and
Group accounts
.