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).
BVCA Submissions
- Response to Post Implementation Review of IFRS 10, 11 & 12 – May 2021
- BVCA feedback on 2018 IPEV valuations guidelines review – November 2018
- Response to the Request for Information: Post Implementation Review - IFRS 13 Fair Value Measurement – September 2017
- Feedback to FRC on FRS 102 – October 2016
- Response to IPEV Board consultation on revisions to the IPEV valuation guidelines – November 2015
- Response to IASB exposure draft on measuring quoted investments in subsidiaries, joint ventures and associates at fair value – January 2015
- Response to IASB exposure draft on investment entities, applying the consolidation exemption – September 2014
