| illustrative accounts for first time ifrs adopters |
|
|
|
| Written by admin | |
| Saturday, 17 November 2007 | |
|
Accountants and business advisers has produced some guidance entitled IFRS Illustrative Accounts for AIM Companies 2007 for all companies preparing their first annual accounts under IFRS for the year ended 31 December 2007. The requirement for reporting under IFRS mirrors the EU regulation for listed companies and is only mandatory for consolidated accounts. This means that single entity companies, having no subsidiaries, can continue to report under UK GAAP. In addition, parent companies can continue to use UK GAAP for their entity or solos accounts. PKF’s illustrative accounts for imaginary AIM company, Exemplum plc, set out the group financial statements on the assumption that the parent company’s accounts are separately prepared and presented under UK GAAP. The disclosures illustrated are compliant with IFRS standards and interpretations, effective for years commencing on or after 1 January 2007, and also illustrate the recommended different presentation alternatives of statements and note disclosures permitted by IFRS, and which are commonly used in practice. Commentary notes further explain the disclosure requirements and set out additional disclosures for different circumstances not illustrated, and provide guidance on differences between UK GAAP and IFRS. To register for a PDF of ‘IFRS Illustrative Accounts for AIM Companies 2007’, please visit www.pkf.co.uk/ifrs. |
|
| Last Updated ( Saturday, 17 November 2007 ) |
| < Prev | Next > |
|---|