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).