Financial Reporting Advisory

The world of accounting and financial reporting is continually evolving. With respect to UK GAAP, the issue of FRS 102 in 2015 was only the starting point to a raft of additional options and changes to the UK reporting framework. Internationally, several key accounting standards have recently been issued which could have a substantial impact on some entities.

Our technical experts have a wealth of 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 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.  We have also supported our clients on other numerous technical projects, including GAAP conversions, group reconstructions and consolidation support.

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

  • IFRS 9 Financial Instruments;
  • IFRS 15 Revenue from Contracts with Customers;
  • IFRS 16 Leases;
  • IFRS 17 Insurance Contracts
  • FRS 101 Reduced Disclosure Framework; and
  • FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

 

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

  • Group reorganisations;
  • Complex consolidations;
  • Financing structures;
  • Capital reductions;
  • Purchase price allocation valuations;
  • Share-based payment valuations;
  • Pension scheme arrangements; and
  • Infrastructure projects.

 

Members of our team meet regularly with standard-setters, as well as commenting on their pronouncements, meaning we are well placed to be proactive in advising our clients on the forthcoming standards and their implications.

We have expertise in the following core areas:

UK GAAP

In recent years, 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 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, FRSSE 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, or UK GAAP.

Narrative reporting

In addition to the financial statements, the quantum and importance of non-financial information in the front end of the annual report has grown substantially in recent years.

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