In the next few years, there will come a point when the whole of UK accounting will move across to IFRS, possibly with some exemptions—for smaller entities—from the more complex and detailed reporting requirements.The Financial Reporting Advisory Board had concerns about the accounting methods that were being used for PFI/PPP projects, which were based not only on a UK accounting standard—in particular, application note F to financial reporting standard 5—but on a Treasury guidance note on how to account for such projects.