FRRP finds "good level of compliance" to IFRS

News Article - 20 September 2007
Category:

The Financial Reporting Review Panel (FRRP) has published its activity report for the 12 months to March 31st.

Reviewing 311 accounts from a range of companies, the panel found that 277 were prepared under the International Financial Reporting Standards (IFRS), and 84 were completed under UK Generally Accepted Accounting Principles (GAAP).

According to the FRRP, overall there was a "good level of compliance" with international accounting practices, although several areas were identified where firms could improve their financial reporting.

Bill Knight, chairman of the panel, said: "It is important that companies comply with accounting standards.

"The majority work hard to do so and our aim is to help."

According to PricewaterhouseCoopers UK, listed companies have now published their first-year consolidated group accounts under the IFRS rather than UK GAAP principles.

However, the firm suggests that "challenges" remain and there is a "continuing need" to introduce IFRS across business and systems.

Article keywords: Economic recovery, Ernst & Young Item Club, UK economy, Peter Spencer, Institute of Practitioners in Advertising, IPA, Federation of Small Businesses, FSB, Office for National Statistics, ONS

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