IAS regulation laid before parliament
Ministers this week paved the way for all UK companies to begin using a single set of international accounting rules from 1 January 2005.
The government has laid draft regulations before parliament with proposals to allow all companies to adopt international financial reporting standards on a voluntary basis.
The Department of Trade and Industry announced its decision to allow private companies the option to switch from UK accounting rules to international standards in July last year.
From next year over 7,000 publicly listed companies in the European Union have to switch to IFRS for their consolidated financial reports.