§ Baroness Noakesasked Her Majesty's Government:
Whether they intend to use audited accounts which have been drawn up in accordance with international financial reporting standards as the basis for assessing corporation tax. [HL1061]
§ Lord McIntosh of HaringeyYes. Legislation was enacted in the Finance Act 2004 which permits accounts prepared in accordance with international accounting standards (IAS) to be used for UK tax purposes. The legislation takes effect for accounting periods beginning on or after 1 January 2005.