New UK GAAP and IFRS

Our team is here to make IFRS transition simple for you at all stages of conversion.

Converting you to a global set of financial reporting standards

Transitioning to IFRS or ‘International Financial Reporting Standards‘ can be complicated, which is why our team is here to make it simple for you – to assist you at any stage in the conversion cycle such as:

  • IFRS conversion
  • IFRS accounts preparation
  • IFRS compliance issues
  • IFRS reporting system modifications
  • IFRS corporate governance and risk management

IFRS for SMEs

IFRS for SMEs was set up in 2009 to provide simpler accounting guidance than full IFRS accounting, with  benefits for SME investors, lenders and businesses seeking to raise finance through a consistently applied global set of financial reporting standards. This route is suitable for growing entities likely to transition to full IFRS once publicly accountable and:

  • is 85% less detailed accounting guidance than a full IFRS
  • omits detailed explanations and requirements not applicable to SMEs
  • has reduced disclosure requirements
  • has simplified recognition and measurement requirements

Public Sector

Public sector financial reporting has over recent years seen itself transitioning by law to IFRS accounting. Central government organisations are now converting to IFRS via three stages:

1. compilation of opening balance sheets
2. preparation of ‘shadow’ accounts (a full set of IFRS compliant accounts)
3. full transition to fully compliant IFRS accounts

Please do not hesitate to call us today on 029 2082 9000 to discuss requirements or you can email us to arrange a no fee, no obligation consultation.

Related News
logo
Telephone:
02920829000 | 01685872028

Registered Office: The Counting House, Dunleavy Drive, Celtic Gateway, Cardiff, CF11 0SN. Registered Number: 4777212 Place of registration: England & Wales ©Copyright 2016 KTS Owens Thomas. All rights reserved.