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FT Guide to Using and Interpreting Company Accounts, 4th Edition by Wendy Mckenzie

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7

A comparison of IFRS and UK GAAP

Introduction

You’ve learnt that the financial statements prepared using IFRS and UK GAAP are different, and I’ve discussed the major differences as we’ve progressed through the book. However I’d like to summarise them in this chapter, and show you how the same information would be shown in IFRS financial statements and those prepared using UK GAAP. I’ll start by looking at the main differences and then you can see the financial statements.

The main differences between the international rules and UK GAAP

There are a number of differences between IFRS and UK GAAP that affect financial analysis. They include:

  • IFRS tends to be more complex than UK GAAP and has a ‘fair value focus’, with more assets and ...

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