Some of the major inhibitors to using IFRS in subsidiary accounts have been removed. Now could be a good time to convert from UK GAAP, says Alex Finn.

A survey of FTSE 350 companies conducted by PricewaterhouseCoopers last year found that only 18% of respondents were using International Financial Reporting Standards in their subsidiary accounts in the UK. This was despite the fact that, since 2005, all listed companies in the EU have been required to adopt IFRS in their consolidated accounts.