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<p>In the UK, listed companies have been required to use International Financial Reporting
Standards (IFRS) since 2005. Banks who are not required to use IFRS are able to choose
between using IFRS or using UK Generally Accepted Accounting Principles.</p><p> </p><p>This
Government has not had any discussions with the International Accounting Standards
Board around the effect of companies being required to convert to IFRS, though continues
to engage with that body and all others involved in setting standards for the financial
services sector.</p><p> </p>
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