International equivalents of UK Standards

Find out more about the international equivalents for UK reporting standards

The Code of Practice on Local Authority Accounting for the UK is based on International Financial Reporting Standards. The governance framework formalises a common accounting standards setting hierarchy across most of the UK public sector. At the top of the hierarchy is EU-adopted IFRS; next are International Public Sector Accounting Standards (IPSAS), followed by UK standards.

The IFRS-based Code of Practice on Local Authority Accounting is therefore based on the accounting standards issued by various standard setting bodies. Details of the international bodies, and the standards they approve, are given here (including links to further information about them).

UK	International	International Public Sector
Accounting Standards Board (ASB)	International Accounting Standards Board (IASB)	International Public Sector Accounting Standard Board (IPSASB)
Financial Reporting Standard (FRS)	International Financial Reporting Standard (IFRS)	International Public Sector Accounting Standard (IPSAS)
Statement of Standard Accounting Practice (SSAP)	International Accounting Standard (IAS)	IPSAS (no predecessor to IPSAS)
Accounting Standards Committee (ASC)	International Accounting Standards Board (IASB) (formerly International Accounting Standards Committee (IASC))	IPSASB (no predecessor to IPSASB)
Urgent Issues Task Force (UITF)	IFRS Interpretations Committee (formerly IFRIC) Standing Interpretations Committee (SIC) - predecessor body Scope of these bodies more limited than UITF	N/a