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The Department for Trade and Industry consulted on the adoption of \u201cInternational Accounting Standards\u201d in 2002 (URN 2002/1158). The consultation considered whether the UK should exercise the Member State option under Article 5 of the IAS Regulation and, in particular, whether to extend the application of the Regulation to the individual accounts of publicly traded companies.<\/p>

<\/p>

The consultation stated that:<\/p>

<\/p>

\u201cThere may be good reasons to exercise this option in order to help internal consistency and comparability of accounts within the same group and assist in preparation of consolidated accounts. There is the additional advantage that the current practice of presenting entity financial statements of the parent with the group accounts as one package could continue. With no extension the practice would probably have to change, as it would be cumbersome and confusing to have to explain two different bases of preparation. We estimate that this would affect around 2700 companies.\u201d<\/p>

<\/p>

The Government considered the responses to the consultation and conducted a full assessment of the costs and benefits of the various approaches to implement the IAS Regulation. Following this consideration the Government concluded that it would implement the option in the regulation, including to extend the application of the Regulation to the individual accounts of publicly traded companies.<\/p>

<\/p>

The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (SI 2004 / 2947) provided for the application of the International Accounting Standards Regulation. The impact assessment accompanying the regulations sets out the Government\u2019s assessment of the costs and benefits. It concluded that the Governments resulting policy on taking up the option in Article 5 overall had the following benefits:<\/p>

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\u201cParent companies and building societies and subsidiaries in groups will be able to prepare their accounts to one framework of accounting standards. Companies and building societies that do business or seek capital across borders would be able to prepare their accounts to adopted IAS for ease of comparison. Comparability of accounts will assist, shareholders, analysts and other users of accounts.\u201d<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/2616", "label" : {"_value" : "Biography information for Lord Henley"} } , "answeringMemberPrinted" : {"_value" : "Lord Henley"} , "dateOfAnswer" : {"_value" : "2018-03-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-05T15:29:38.897Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2018-02-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Company Accounts"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5280), what were the circumstances that led to the UK voluntarily adopting International Accounting Standards (IAS) for separate, company-only, accounts by invoking the option under Article 5 of the IAS Regulation 2001; and whether, prior to the UK invoking that option, the Financial Reporting Council or Department for Trade and Industry had anticipated the difficulties that this option would create for the use of separate accounts for capital maintenance purposes.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4562", "label" : {"_value" : "Biography information for Baroness Bowles of Berkhamsted"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Bowles of Berkhamsted"} ], "uin" : "HL5822"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }