Accounting in the U.K.

Overview by

Accounting System

Accounting Standards
Finance Acts in 2004, 2005 and 2006 and regulations made under powers given by those Acts have included measures to ensure that companies choosing to adopt International Accounting Standards (IAS) or certain UK standards that are equivalent to IAS to draw up their accounts receive broadly equivalent tax treatment to companies that continue to use “mainstream” UK GAAP (UK Generally Accepted Accounting Practice).
Accounting Regulation Bodies
Financial reporting
International Accounting Standards Board
Accounting Law
Companies that are not listed have the option to report either under IFRSs or under UK GAAP. Recently issued UK FRSs have, in any case, replicated the wording of corresponding IFRSs, reducing the differences between the two sets of standards significantly.
Difference Between National and International Standards (IAS/IFRS)
Follow this link to access a Table of comparison between IAS and UK GAAP.
Accounting News
Accounting Web
Accountancy magazine

Accounting Practices

Tax Year
The fiscal year begins on April 5th and ends on April 4th of the next year.
Accounting Reports
English companies must keep account books where are registered all the operations of the company and establish annual accounts including an annual report, a profit and loss account, a balance sheet, a table of financial flows, an appendix, an opinion of the auditors, a statement upon losses and earnings recorded, the comparison between the movements of interests of the shareholders and a note upon the result on historical costs basis.
Publication Requirements
Financial statement must be prepared annually.

Accountancy Profession

Only the "Chartered accountants" and "Certified accountants" are authorized and have the possibility given by the accounting commission to exercise a mission of audit or auditorship.
Professional Accountancy Bodies
The Institute of Chartered Accountants in England and Wales
The Association of Chartered Certified Accountants
The Chartered Institute of Public Finance and Accountancy
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of the Federation of European Accountants;
Member of the Confederation of Asian and Pacific Accountants (CAPA).
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. For more information, consult the Audit Commission and National Audit Office (NAO).

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