This year's preliminary results season has been something of a landmark. Last year was to be the last reporting period where listed companies presented their results according to UK generally accepted accounting principles (GAAP). After that, they would be required to use international financial reporting standards (IFRS) to prepare their consolidated financial statements for accounting periods commencing on or after 1st January 2005 (http://search.ft.com, 2004). The requirement to adopt IFRS applies only to those companies that are active direct participants in the capital market (i.e. those that have securities that are publicly traded on recognised stock markets). There are estimated to be about 7,000 such companies in the EU, of whom 2,500 are in the UK (www.accountancyage.com, 2004).

The rules are changing for two main reasons. The investors chronicle seeks to explain this first by suggesting that ‘in the wake of accounting scandals in both Europe and the US, regulators......

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Title: The Impact Of The Current Changeover From Uk Gaap To Ifrs On The Performance And Financial Position Of Kingfisher Plc.
Approximate Word Count: 2529
Approximate Pages: 11 (250 words per double-spaced page)

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