The London Stock Exchange published a notice on August 22 updating the AIM rules. These affect:-

  1. Companies incorporated in a non-EEA Member State who are traded on AIM or will be seeking an admission to AIM; and
  2. Companies incorporated in the Isle of Man or the Channel Islands who are traded on AIM or seeking admission to AIM.

In relation to the first set of companies, the exchange has now confirmed that financial information prepared in accordance with Canadian GAAP or Australian IAS will be acceptable (in addition to IAS and US GAAP) ie there is no longer any need on admission for financial information prepared under these standards to be reconciled against IAS, UK or US GAAP.

In relation to the second set, they will be deemed to be incorporated in an EEA Member State and will therefore have to comply with the EEA member state rules on financial information, namely:

For financial periods commencing on or after 1 January 2007: -

  • Where an EEA company is a parent company that prepares consolidated financial statements, it must use IAS in preparing consolidated financial information.  
  • Where it is not a parent company, it may prepare and present financial information either in accordance with IAS or in accordance with the applicable national legislation of its country of incorporation. 

For financial periods in the transitional period, ie commencing prior to 1 January 2007, EEA companies can still present statements in accordance with UK or US GAAP.

To access the new rules please go to

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