Please note that this is not an exhaustive list of all the
potential differences that exist between UK GAAP and IFRS. Many differences depend on the specific nature of an entity’s operations and industry, the nature and extent of its transactions and where choices are available, the specific accounting
policies previously applied under UK GAAP and those to be adopted under IFRS. In addition, this document does not
address transition issues arising from application of IFRS 1
First Time Adoption of IFRS. Therefore it should not be used as
a tool for determining all the impacts of transitioning to IFRS. Accordingly, this document should be viewed as a starting point for determining accounting differences, typically during the diagnostic phase of a conversion project, and not an all-inclusive comprehensive impact assessment checklist.