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After 1st January 2005, all UK's listed companies must adopt international accounting standard in their group financial statement. This Regulation introduces important changes, this report is aimed to provide an evaluation of the impact of such changeover
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Introduction For accounting periods beginning on or after 1st January 2005, all UK's listed companies must adopt international accounting standard in their group financial statement. This Regulation introduces important changes, this report is aimed to provide an evaluation of the impact of such changeover from UK GAAP to International GAAP (IFRS) on the performance and financial position of two UK listed companies -- the BOC group and Porvair Plc, both of which are operating in the chemical industry. Being a capital-intensive industry, the quality of research and development expenditures has significant impact on chemical companies' activities of almost all aspects. The following parts of this report are directed to be industry-specific and firm-specific, where institutional background will be reviewed to briefly examine issues specific and relevant to this industry and two selected companies. Also, detailed analysis will be initiated to look at the impact of such changeover on three particular...
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