International Financial Reporting Standards
International Financial Reporting Standards are an internationally recognised set of accounting standards that bring transparency, accountability and efficiency to financial markets around the world.
Accounting and Auditing Standards
Understanding accounting standards is essential for preparing clear, consistent, and reliable financial statements.
UK Accounting Standards
In the UK and Ireland, accounting standards are set by the Financial Reporting Council (FRC). These standards provide a framework for financial reporting that supports investor confidence and regulatory compliance.
Accounting Standards
UK Standards
The FRC sets UK and Ireland accounting standards. Standards are amended periodically in response to particular issues or regular reviews. Standards are developed after taking account of outreach with stakeholders.
International Financial Reporting Standards (IFRS)
IFRS set by the International Accounting Standards Board are used primarily by publicly accountable companies—those listed on a stock exchange and by financial institutions, such as banks.
IFRS for SMEs
IFRS for SMEs Standard, which is used by small and medium-sized companies without public accountability. The IFRS for SMEs Standard reflects five types of simplifications from full IFRS Standards.
International Auditing and Assurance Standards
The International Auditing and Assurance Standards Board (IAASB) sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
UK Endorsement of International Accounting Standards
Currently, EU-adopted IAS are required to be applied in the consolidated accounts of listed UK companies and may be applied in the parent or individual company accounts of listed UK companies and can be applied by all other companies. The EU IAS Regulation (1606/2002) is the Regulation which introduced this requirement for all listed companies in the EU.
Standards and Guidance for Auditors
This page provides links to the standards and guidance for auditors issued by the Financial Reporting Council for use in the UK. Exposure drafts are issued to seek comments from interested parties on proposed new and revised standards and, where appropriate, new or revised guidance.
Consultations
AIA responds to many invitations for comment, including consultation and discussion papers, published by regulatory bodies, government, standard-setters on a range of topics affecting the work of our members. Working alongside our members we seek to make a strong contribution to policy and debate and in doing influencing the shape and future of the profession.
Access Open and Recent ConsultationsOther Resources
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The work of the international, independent standard-setting boards produce high-quality, global standards for audit and assurance, professional ethics, public sector financial reporting, and professional skills and competencies.
