Accountant seconded to help with IFRS transition

A specialist accountant from independent accountancy firm ktsowensthomas has been seconded to the Sports Council for Wales to help with the organisation’s transition to International Financial Reporting Standards (IFRS).

Following an update in the 2008 Budget, government bodies such as the Sports Council are now required to adopt IFRS for their 2009/2010 accounts and as such Amanda Kruger of the South Wales based firm has been brought on board to assist and advise the organisation through the transition from the traditional UK Generally Accepted Accounting Principles (GAAP) accounts.

Working alongside the internal finance team of the Sports Council, the national organisation responsible for developing and promoting sport and active lifestyles, Amanda will help the team prepare a full set of IFRS accounts for audit in order to meet a September 2009 deadline.

With widespread concern amongst public sector bodies about the wide ranging and complex implications that IFRS brings to the accounting procedure, ktsowensthomas has established a specialist team of accountants to help advise these bodies.

The team, lead by associate director Carol Warburton, has the practical and translatable experience to assist clients move through IFRS transition.

Says Amanda: “The transition to IFRS is well underway in the public sector but there is still a great amount of work that needs to be done. The Sports Council for Wales has taken the positive step of seeking professional advice and I’m delighted to assist them in their transition. IFRS is not only a technical accounting issue for the internal finance team at the Sports Council but also impacts on the whole organisation encompassing areas including the setting and measuring of performance targets, budgeting and forecasting.”

Sports Council for Wales Financial Controller, Dawn French: “We only have a small finance team at the Sports Council for Wales and preparing three sets of Statutory Accounts to exacting standards can be challenging enough, especially when faced with faster closing and the demands of your other day to day operations. As soon as we became aware of the requirement to produce shadow accounts under IFRS, it was a natural choice to call in ktsowensthomas. This way we knew we would be getting the right calibre of staff with the experience needed to hit the ground running and without the hassle of going through an agency and sieving our way through endless C.V’s.”

Adds associate director at ktsowensthomas, Carol Warburton: “While there is an awareness of the IFRS within the public sector, it is only not that there is a realisation of how different and complex the new standards are, how much time it takes to adopt them and to prepare statements for audit.

“Currently listed companies have to prepare accounts under IFRS and now public sector organisations are going through this transition. Before long, the reporting system will be harmonised to some extent to include limited companies so having this specialist team in place at the firm will mean that in the long run we will be well positioned to provide proactive guidance and advice both in the public and private sectors.”

ktsowensthomas is a firm of three-dimensional accountants and tax advisors. With a head office in Cardiff and a regional office in Aberdare, we are well placed to cover the accountancy needs for business and private clients in south and mid Wales. We provide financial and commercial services to owner managed businesses, small businesses, mid to large corporates, public sector, charity, not-for-profit organisations and private clients across south Wales. Our expert Cardiff accountants or regionally based expert advisors would be pleased to review your audit, tax return, business accounts and annual reporting needs.

If you are a small business in Cardiff, Swansea or Newport looking for advice on audit, business consultancy, corporate finance, tax or wealth planning, please get in touch.

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