Financial reporting advisory

The world of accounting and financial reporting is continually evolving, particularly with the issue, in the UK, of FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, and, internationally, of IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.

Our technical experts have impressive experience in a wide variety of accounting, financial reporting and narrative reporting matters and can be engaged by organisations in a wide range of industries, by both companies and groups and on both small and large projects.

We have supported numerous technical projects, including GAAP conversions, and have a proven track record in helping our clients to successfully apply new accounting and financial reporting standards, important in today’s fast-changing technical environment.

Our team assists companies interpret and implement accounting and financial reporting standards, including:

  • IFRS 15 Revenue from Contracts with Customers;
  • IFRS 16 Leases;
  • FRS 101 Reduced Disclosure Framework; and
  • FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

We can also advise on areas which present ongoing accounting and financial reporting challenges including:

  • group reorganisations;
  • financing structures;
  • capital reductions;
  • pension scheme arrangements; and
  • infrastructure projects.

Members of our team meet regularly with standard-setters, as well as commenting on their proposals, meaning we are well placed to advise our clients on the forthcoming standards and their implications. You will find our consultation responses here.

We have expertise in the following core areas:

IFRS

Companies face the challenge of ongoing compliance with, interpretation of and implementation of new standards, amendments and interpretations that are issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC).

UK GAAP

The financial reporting and accounting requirements in the UK and the Republic of Ireland have fundamentally changed as a result of the Financial Reporting Council (FRC) issuing the new FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, which have replaced the old FRSs, SSAPs and UITFs previously in issue (“old UK GAAP”).

US GAAP

UK subsidiaries of US companies face the challenge of US GAAP group reporting requirements, which involves understanding the differences between US GAAP and IFRS, FRS 101 or FRS 102.

Financial Reporting Valuations

Recent changes to accounting and financial reporting requirements have resulted in an increasing need for financial reporting valuations to determine the fair value of certain items.

Narrative reporting

In addition to the financial statements, the amount and importance of information in other parts of the annual report has grown substantially in recent years.

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