... them all. In requiring all listed companies within member states to comply with international accounting standards (IASs) from 2005 onwards, the EU has effectively entrusted the IASB4 with responsibility for producing future standards. This paper will focus on the evolution of UK GAAP relating to group accounting and consolidation measures, legislative changes and the effects of convergence and the switch to IFRSs5. Essentially, attempts will be made to put developments into context, whilst outlining the objectives, disclosure requirements and methods pertaining to the consolidation of subsidiaries and the techniques applied when accounting for investments in associates, joint ventures and other bodies. 2-Legal & Regulatory Change: Directives and Standards Primarily, group and consolidated accounts are prepared to report the financial position of a parent undertaking which invests in separate entities. Simplistically, these investments would be recorded as financial assets at cost in the balance sheet of the parent company. Yet ...

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