I'd be inclined towards honey fungus, though your ones are much more scaly that the ones I found and ate http://www.bushcraftuk.com/forum/showthread.php?t=25787. Then again, I believe that honey fungus covers a number of closely related species, some of which have scaly stems.
Honey fungus has very pale gills, and white spores, the gills are decurrent (run down the stem slightly). Pholiotas on the other hand have brown gills and brown spores. The gill attached themsleves to the stem at a right angle (adnate) or turn upwards to meet the stem (adnexed).
I have tasted a pholiota in mistake for a honey fungus, it tasted like earwax. So I learned just because the lower ones are cover in white dust it doesn't mean you should do a spore print.