International Financial Reporting Standards
Companies face the challenge of ongoing compliance with and the implementation of new standards, amendments and interpretations that are issued by the International Accounting Standards Board (IASB).
Key forthcoming standards include:
- IFRS 15 Revenue from Contracts with Customers; and
- IFRS 9 Financial Instruments.
In addition, many non-listed companies are voluntarily choosing to adopt IFRS either to facilitate group reporting or to adopt the same standards that listed companies use, possibly in preparation for a flotation.
The Mazars’ Financial Reporting Advisory team has significant experience advising a wide range of clients, including fully listed and AIM companies, on the transition to IFRS and ongoing compliance with IFRS, as well as the impact of new accounting and financial reporting requirements. We advise on current best practice to ensure that your financial statement disclosures are robust enough to withstand scrutiny, whether it comes from investors, shareholders, regulators or analysts.
For companies considering converting to IFRS, we can help you to:
- conduct detailed IFRS impact assessments;
- provide project management services for transition to IFRS;
- prepare and/or review IFRS compliant financial statements;
- prepare and/or review IFRS accounting policies and manuals and group reporting requirements; and
- provide and/or explain the detailed requirements of IFRS disclosure checklists.
For companies already applying IFRS, we can help you to interpret and apply new standards, amendments and interpretations, including:
- conducting contract reviews under IFRS 15;
- conducting impairment assessment under and understanding the hedge accounting requirements of IAS 39 and IFRS 9; and
- assessing the potential impact of a new standard on leases.
We can also provide general and specific technical advice, as well as bespoke training courses.