Hi, the question is a simple 2 mark question that asks the difference between using UK statutory reporting and companies act accounts for deriving benchmarks. How has S2 and IFRS 17 impacted this? What would the 2021 equivalent of this question be? Also, can someone shed some light on companies act accounts (and if it is still applicable, UK statutory reporting)?
This is all covered further in Chapters 4 and 9. 2006 was a long time before S2, and IFRS17 has yet to start even now, so this past exam question has lost a lot of its relevance today. What's important now is that you understand the current S2 regime, the current IFRS4 regime, the future IFRS17 regime, and what they are all trying to achieve. And, potentially, how they might change in the future.
