IFRS Reporting
Ensuring you meet your reporting requirements
International Financial Reporting Standards (IFRS) is now required for all AIM listed companies – Public Companies. It is the stated intention of the Accounting Standards Board (ASB) that IFRS will be necessary for all companies including SME’s from Jan 2012.
The complexities of converting to IFRS pose a considerable drain on time and resources for any financial department, requiring potentially hundreds of hours of work to deal effectively with all matters arising. We're here to help free your time so you can concentrate on what you do best – running your business.
Ethical rules governing auditors allow them to offer clients education and advice on IFRS. However, Baker Tilly Ryan Glennon have staff holding IFRS diplomas who can manage the complete conversion process for its non-audit and audit clients which will ensure that you have the resource you need, for the period that you need it.
We offer a four-stage process for clients requiring IFRS conversion. Our expert staff can introduce and explain the key points in a tailored workshop, these points includes:
• Preliminary fact assessment
• Detailed planning
• A review of accounting policies in place
• An action plan on implementation
Whether its describing the differences in reconciliations of published accounts or providing a clear audit trail of the key differences between previous GAAP and IFRS, Baker Tilly Ryan Glennon's conversion process and methodology can ensure a smooth and painless transition to IFRS.
IFRS for SME’s
It is proposed that from January 2012 all SME’s will be required to prepare their accounts in the IFRS format. This means that all private companies must be thinking about IFRS for 2011 accounts, as the 2012 Accounts will have a previous year’s comparison which also must comply with IFRS.
In Summary
From 2012 all companies irrespective of size will be required to adopt IFRS. Not all companies will have to adopt full IFRS as some will qualify to adopt the provisions of IFRS for SME. IFRS for SME is a standalone document and represents a simplified version of full IFRS, the requirements contained within this standard represent approximately 10% of the requirements under full IFRS. Certain topics which are mandatory under full IFRS are omitted from the standard, there are simpler options included in relation to accounting policy choice and there are also recognition and measurement simplifications. There are still key accounting differences between IFRS for SME and previous GAAP.
Do you Qualify:
Do you qualify to adopt the provisions of IFRS for SME? An SME is defined as follows:
• An Entity that does not have public accountability; and
• Publish general purpose financial statements for external users
One key difference is that there is no size test which would have applied under Irish GAAP. Once these conditions are met IFRS for SME can be adopted.
Some Key Accounting differences are as follows:
• Presentation and Disclosure
• Investment Properties
• Property Plant and Equipment
• Intangible assets
• Borrowing costs
IFRS Reporting
We offer assistance with IRFS Reporting through:
• Convertion
• Education
• Updates
In addition we recommend you are alert to the implications of valuing fixed assets currently and seek advice now.
Utilising our international network, we are up to date with all the latest changes and developments. Contact us for more details on IFRS Reporting.
