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The future of UK GAAP

Change has arrived in relation to UK company reporting. Pippa Booth and Stephanie Hurst explore what this means for tax.

 
Change has arrived. UK generally accepted accounting practice (UK GAAP) as we currently know it is being re-written. This requires attention from affected companies as conversion to the new UK GAAP will require planning by both tax and financial reporting professionals.
 

What is changing?

First let’s revisit the events of the past few years. In 2005 the EU introduced the requirement for companies listed in European securities markets to use international financial reporting standards (IFRSs) as adopted by the European Union in their consolidated financial...

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