The international financial reporting standards (“IFRS”) are the standards applicable to companies who don’t apply a local GAAP. These mostly tend to be international companies. IFRS is mandatory for listed companies, but for all other UK companies there is a choice between IFRS and UK GAAP.
At Menzies we have a dedicated team of IFRS specialists who ensures that our clients receive accurate, high quality financial reporting and provide them with peace of mind that they are in full compliance with all relevant regulations.
Areas we could help:
IFRS financial statements
- Preparation of year end financial statements
- Assistance with disclosures and data collection for those disclosures
IFRS financial reporting
- Analysing the impact of changes to the IFRS standards, for instance IFRS 15 Revenue, IFRS 16 Leases, by reviewing current processes and analysing what changes need to be made
- Making recommendations on how to change recognition and reporting to take account of the latest standards
Audit of IFRS financial statements
IFRS training
- Providing in house training on the latest IFRS standards and future expected changes