Lloyds To Begin Annual Accounting

Lloyds announced a significant step in moving to annual accounting as its statutory reporting regime, saying that the market will adopt U.K. Generally Accepted Accounting Principles as of January 1, 2005.

Although Lloyds will initially adopt U.K. GAAP, it plans to adopt International Accounting Standards when there is more clarity on the proposed standard on accounting for insurance contracts, Lloyds said in a statement.

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