IFRS differences

cornflower

Can someone tell me what the differences are in IFRS to current UK GAAPp. It is for a work project?

Thanks.

Steve Collings

Hi,

I wrote an article on this subject which might help you.

Overall there are not many fundamental differences between UK GAAP and IFRS because it has always been the intention in the UK to have a full IFRS based framework. The differences I have highlighted in my article are the 'notable' differences.

You could of course compare and contrast the differences in the business combinations standard (IFRS 3 (revised) 'Business Combinations' vs. FRS 2 'Accounting for Subsidiary Undertakings'). IFRS 3 (R) now allows gross goodwill to be recognised rather than proportionate goodwill (the old method of recognising goodwill attributable only to parent is still allowed). Where gross goodwill is recognised, the amount of goodwill that belongs to non-controlling interests is debited to goodwill non-current asset and credited to NCI in equity.

I hope that helps.

Regards
Steve

cornflower

Awww cheers Steve. That's just what I'm looking for!

I don't know how you know all this standards stuff like you do!

Laura x