IFRS is here to stay. All EU listed companies were required to prepare their consolidated financial statements using International Financial Reporting Standards (IFRS) for financial years starting on or after 1 January 2005. AIM companies have been required to adopt IFRS with effect from 1 January 2007. Pre-IPO companies looking to float need to prepare historic financial statements in accordance with IFRS. The Accounting Standards Board in the UK is expected to introduce some form of IFRS for other companies after 2009. A lot of the more recent Financial Reporting Standards (FRS) introduced in the UK have been based on the equivalent International standard. So, unfortunately, there seems no way of avoiding IFRS! 

You should not underestimate the time and effort involved in the conversion to IFRS, although of course complexity and scale can vary by size and type of business. In order to implement a sound transition to IFRS, you will need to address the following: 

      Ø  Accounting and reporting differences under IFRS

      Ø  The impact on data capture and systems in order to report IFRS compliant information

      Ø  The impact on people and the need to get finance staff up to speed with IFRS      

      Ø  Strategic business issues affected by the introduction of IFRS

Our team has been involved in the IFRS conversions of fully listed and AIM companies. We can help you identify UK GAAP to IFRS accounting differences and can advise on any new disclosures under IFRS, with systems and IT support as required. Our strategic insight will enable you to identify which other business related issues need to be considered, for example specific valuations required under IFRS, drafting of performance related contracts with employees, covenants with lenders and any tax related issues.

We can also offer training courses for your staff to help them understand the key IFRS issues affecting your business. And if you want to take away the pain of IFRS completely, we can project manage the IFRS conversion process on your behalf and produce the IFRS financial statements for you.

Read more about IFRS conversion