Ann Winterton
Conservative, Congleton
To ask the Chancellor of the Exchequer whether the UK may withdraw unilaterally from the Mark to Market rules under European Union legislation.
Ian Pearson
Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury
UK groups are required to use International Financial Reporting Standards (IFRS), including those relating to valuation, when preparing their accounts. IFRS are set by the International Accounting Standards Board and adopted for use inside the EU under the relevant legislation by the member states of the EU and the European Parliament.
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