Previously, it was quite difficult for the companies while preparing financial reports. Due to absence of any prior accounting regulations, different accounting methods were followed. Since 2002, it became mandatory for all organisations in UK to follow the accounting guidelines provided by the IFRS. Initially, it considers the bookkeeping contrasts between the UK models and IFRS. Besides, the study investigates the adjustments in quality pertinence of UK GAAP and IFRS book values and related net salary. Thirdly, it analyzes the impact of the measure of firms on the quality significance of book values and net salary. The examination is in view of bookkeeping data of UK organizations recorded on the Stock Exchange of London FTSE 350 2007-2011. The importance of the research can be stated as the need of analysing the value relevance of bookkeeping information within United Kingdom. Research questions are considered as a pivotal element within a research, which enables the reader to understand the exact issues that the researcher has highlighted within the entire research. The research questions are stated below:
What changes have been noticed within United Kingdom they adopted International Financial Reporting Standards?
What is value relevance of accounting information within the UK?
Callao, S., Jarne, J. and Lainez, J. (2007) ‘Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting', Journal of International Accounting, Auditing and Taxation, Vol.16, pp.148-178.
Chan, K.C. and Seow, G.C. (1996) ‘The association between stock returns and foreign GAAP earnings versus earnings adjusted to US GAAP', Journal of Accounting and Economics, Vol. 21 (February), pp. 139-158.
Christensen, H.B, Lee, E. and Walker, M. (2007) ‘Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK', The International Journal of Accounting, Vol. 42, pp.341-379.
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