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IFRS Conversion

All UK groups that are listed on the London Stock Exchange or the Alternative Investment Market (AIM) are required to produce their year-end consolidated and interim financial statements in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU.  Public sector organisations will now be increasingly applying the principles of IFRS following the update in the 2008 budget.

It is also becoming increasingly common for non-listed companies to choose to prepare their financial statements in accordance with IFRS if:

  • a listing is intended to take place in the future
  • shareholders have requested it
  • to aid comparison with other companies in their industry
  • they are an international group.

How BDO can assist you

We have significant experience in helping companies and other organisations through this significant transition.  We have provided advice and guidance to both our fully listed and AIM audit clients and have also performed complete project management for the entire conversion for our non-audit clients. 

For all clients the assessment of the impact of IFRS is critical as it can impact upon:

  • their accounting system
  • the way the business is managed
  • how the financial numbers may change. 

Accordingly, this is a key element of our approach for both audit and non-audit clients.

For audit clients we have developed an approach that allows us to support the conversion on a timely basis and to ensure that client staff are fully up to date with the requirements of IFRS.  We undertake this whilst still ensuring our independence is maintained.

Following the conversion, we continue to offer client advice on IFRS.  For information on how we can help you please refer to our Financial Reporting Advisory section.

As a firm we offer a range of services and work with clients to address their specific needs.  Some of the areas we can assist you on are:

  • provision of accounting opinions
  • bespoke guidance and implementation of new accounting standards
  • bespoke client training on accounting standards.

Find a partner

To find out more you can also contact your local BDO adviser.

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