All publicly listed firms in the UK have to produce financial statements in accordance with IFRS, and many other firms do so from choice. However, smaller entities can use simpler UK standards. The public sector also has separate standards, which although largely based on IFRS have some significant variations, especially in the way in which assets have to be measured. This Briefing explains the required valuation bases under both IFRS and the UK standards and compares and contrasts these as appropriate.