Financial reporting advisory
The world of accounting and financial reporting is continually changing and growing ever more complex, particularly with regard to the publication of the Financial Reporting Standards 100, 101 and 102 that are to replace current UK GAAP from 2015.
Mazars’ specialist Financial Reporting Advisory team helps companies interpret and apply accounting and financial reporting standards, including IFRS, UK GAAP (FRS 102 and current) and US GAAP through flexible and tailored support.
Our team has strong technical expertise in a wide variety of challenging financial and narrative reporting matters and provides accounting advice on both small and large projects.
As well as interpretation and application advice on accounting and financial reporting standards, we also advise on:
- Accounting for business combinations, including intangible asset valuations and impairment reviews, under IFRS 3 and FRS 102
- Accounting for share option schemes, including share option valuations using a binomial model, under IFRS 2 and FRS 102
- Accounting for financial instruments
- Narrative reporting
Our team also has significant technical training experience to provide tailored courses to guide finance teams through the complexities of accounting requirements under IFRS and the new requirements of FRS 100, 101 and 102.
As a firm we pride ourselves on technical excellence. Our clients have direct access to our experts through our Financial Reporting Advisory team. Use the menu below to learn more about our services.
Although most fully listed and AIM companies have now made the transition to reporting in accordance with IFRS, companies still face the challenge of ongoing compliance and the implementation of new standards, amendments and interpretations that are issued by the International Accounting Standards Board (IASB).
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 Financial Reporting Standards 100, 101 and 102. These three new FRSs are to replace current UK GAAP (FRSs, SSAPs and UITFs).
With increases in the complexity of accounting and financial reporting requirements and more scrutiny from regulators and investors, there is an ever-increasing need to ensure financial reporting compliance. In addition, many companies encounter accounting issues arising from carrying out complex transactions, achieving business growth and changing organisational and financial structure.
There is an increasing need for valuations to be carried out as part of the process for determining the fair value of assets and liabilities in companies’ financial statements, particularly the issuing of share options to employees and the intangible assets relating to business combinations. These valuations are needed both under IFRS and the new requirements of FRS 102.
Financial reporting continues to become more complex, particularly in relation to IFRS, and this is a trend that does not look likely to reverse. This has become even more apparent as a result of the FRC publishing FRS 100, 101 and 102 as the replacement Standards to current UK GAAP. As FRS 102 is based on an international financial reporting framework, the new requirements are fundamentally different from existing UK GAAP.