IFRS

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

Key new standards include:

  • IFRS 9 Financial Instruments;
  • IFRS 15 Revenue from Contracts with Customers;
  • IFRS 16 Leases; and
  • IFRS 17 Insurance Contracts

These new standards not only affect IFRS reporters, but in addition, those UK subsidiaries of listed and/or international companies who have elected to apply FRS 101 Reduced Disclosure Framework and hence will face similar challenges to companies applying IFRS.

We have significant experience advising a wide range of clients, including fully listed companies, AIM quoted companies, companies preparing for a flotation and UK subsidiaries of listed companies, on ongoing compliance with IFRS and FRS 101, the impact of forthcoming standards and converting to a new framework. We also advise on best practice disclosures for financial statements.

For companies considering converting to IFRS or FRS 101, we can help you to:

  • Assess the implications that different reporting framework options will mean for your company;
  • Conduct framework consideration assessments;
  • Conduct detailed impact assessments;
  • Provide project management services for transition;
  • Prepare and/or review financial statements for compliance;
  • Prepare and/or review accounting policies and manuals and group reporting requirements; and
  • Provide and/or explain the detailed requirements of disclosure checklists.

For companies already applying IFRS or FRS 101, we can help you to interpret and apply new standards, amendments and interpretations, including:

  • Implementing the classification and measurement and hedge accounting requirements of IFRS 9;
  • Conducting impact assessments and contract reviews under IFRS 15, IFRS 16 and IFRS 17; and
  • Proactively advising on the impact of other forthcoming standards, amendments and interpretations.

We can also provide technical advice on any of these issues, as well as bespoke training courses tailored for the needs of your board, finance team and/or other affected teams.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 came into effect for accounting periods beginning on or after 1 January 2018 and requires companies to recognise revenue representing the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.

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IFRS 9 Financial Instruments

IFRS 9 came into effect for accounting periods beginning on or after 1 January 2018 and we are immediately seeing the significant impact that the standard is having on banks and other financial institutions:

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IFRS 16 Leases

IFRS 16 came into effect for accounting periods beginning on or after 1 January 2019 and requires all leases to be brought onto the balance sheets of lessees, with only some limited exceptions.

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IFRS 17 Insurance Contracts

Ten years after the publication of the first discussion paper on insurance contracts, the new International Financial Reporting Standard - IFRS 17 Insurance Contracts (“IFRS 17”) - was published on 18 May 2017 with an effective date set for accounting periods beginning on or after 1 January 2022.

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