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IFRS — Increasing The Urgency?

Gillian Wild, Tax Director at PricewaterhouseCoopers, discusses the implications of the announcement in the PBR that accounts based on IFRS should be accepted as a starting point for UK corporation tax

 
Gillian Wild Tax Director at PricewaterhouseCoopers discusses the implications of the announcement in the PBR that accounts based on IFRS should be accepted as a starting point for UK corporation tax
 
In the Pre-Budget Report the Inland Revenue announced that accounts based on International Financial Reporting Standards (IFRS) would be accepted as a starting point for UK corporation tax. This announcement followed that of the DTI in July 2003 that all British companies — not just those listed groups already required to — would be eligible to use IFRS in place of UK accounting standards in their accounts from January 2005.
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