IFRS advice

As the financial world evolves and transactions become more complex, your accounting policies need to keep pace with change.

Financial statements are not just a statutory obligation; they are a window to investors, lenders and suppliers, present and future and high quality reporting can add significantly to the credibility of your market offering.

Opportunity or risk?

Investors have recently told the Financial Reporting Council that they believe a company with high quality financial statements is a more attractive investment. However we understand that the opportunity to meet the information demands of investors must be weighed up against the risk of providing competitors with too much sensitive information.

We appreciate it can be a tough to keep up with the detail of the standards and there is a risk that the options available under IFRS and FRS 101 are not used to your advantage.

In addition, areas of management judgement can be challenging to portray to the reader and it can be hard to translate your ideas into language that appropriately explains performance to stakeholders.

We can help explore your options taking into account your long term ambitions as well as ensuring the key areas that investors specifically look for are covered.

We see ourselves as an extension of your finance team. We provide support and advice on the preparation of your audit file, working alongside you when presenting it to your auditors and providing you with robust, technically sound responses to their queries.

So what is financial reporting support?

The key is in our name. We are here to help you prepare your financial reports and to support you through your annual audit process.

Our team offers a unique blend of extremely technically minded accountants, who are also commercially aware, sympathetic communicators, and have an empathetic view of your business. We have a thorough understanding of your year-end audit processes. 

RSM is actively involved in responding to any developments in financial reporting, including changes to International standards. 

How can RSM help you? 

We start by working with you to gain a deep understanding of the transactions that make up your financial statements, particularly any with complex accounting treatments such as complex financial instruments, including embedded derivatives; share-based payments including share options; joint ventures, acquisitions and disposals.

Our service can be tailored to meet your individual needs but typically we will draft your statutory financial statements, including performing a thorough review of the transactions and balances to ensure they are accounted for in accordance with IFRS or FRS 101. 

We will keep in touch with you during the year to ensure you have the necessary year end information such as impairment reviews, share based payment valuations, and fair value figures for complex financial instruments. These require considerable management judgement and are often left to the last minute. 

We will ascertain the most appropriate accounting treatment for unusual or complex transactions and create a pack for your auditor to review at or before the year end. 

By preparing information for your auditor around key judgements and disclosures as well as any unusual transactions undertaken, your finance team are then freed up to concentrate on reporting current performance to the board and getting your results to your investors quicker.