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UK Accounting Standards

In the UK, companies prepare financial statements in accordance with UK accounting standards issued by the Financial Reporting Council (FRC) unless they meet the requirements to comply with International Financial Reporting Standards (IFRS). Companies with securities (either equity or debt) admitted to trading on a regulated market of any European Union Member State are required to use IFRS (as adopted by the EU) in preparing their consolidated financial statements.

The Statement of Recommended Practice (SORP) assists preparers of financial statements to apply accounting standards to Limited Liability Partnerships.

Two areas that are of particular interest to BVCA members are the valuation of unquoted investments and the investment entities exemption (which permits funds to account for their investments in portfolio companies at fair value rather than consolidating them).
Further information

FOR FURTHER INFORMATION PLEASE CONTACT THE BVCA

 +44 (0)20 7492 0400

 policy@bvca.co.uk