Financial Services: EU Action

Treasury written question – answered on 22nd October 2008.

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Photo of Ann Winterton 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.

Photo of Ian Pearson 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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