Subtle differences exist between IAS 16 and FRS 15. Stacy Eden explores the potential pitfalls for companies valuing their assets.

For listed companies at least, reporting group results under UK GAAP is now a distant memory. With the first wave of AIM companies’ consolidated annual reports presented under International Financial Reporting Standards having been recently published, one might expect that by now financial reporting under IFRS for UK companies would have become almost second nature.