Do Something Different

UK accountancy is somewhat different from American accountancy, in that there are more regulatory standards for accounting in the UK than in America. In America, companies must follow the Generally Accepted Accounting Principles (GAAP) set down by the Financial Accounting Standards Board. The UK uses the generally accepted accounting principles as a standard for accounting in UK companies. However, there are other guidelines accountants in the UK must consider. UK accountants must also consider the International Financial Reporting Standards (IFRS) set forth by the European Union (EU). These international financial reporting standards were developed in an attempt to streamline the financial reports from UK companies as well as companies in other European nations. This makes financial reporting easier to understand by everyone. The international financial reporting standards also allow UK businesses to more easily compare their financial statements to those of companies in other nation