IFRS Reporting

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. 

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
  • They wish to aid comparison with other companies in their industry
  • They are an international group

How BDO Northern Ireland can assist you

We have significant experience in helping companies and other organisations through the significant process of transitioning to IFRS. We provide advice and guidance to our fully listed and AIM audit clients and perform complete project management for the entire conversion for our non-audit clients. 

If you are considering a change to IFRS, it is critical that you undertake a full assessment of the impact on:

  • Your accounting systems
  • The way your business is managed
  • How your financial numbers may change

Accordingly we can help you to understand and prepare for the changes that will take place. We have developed an approach that allows us to support your conversion on a timely basis and to ensure that your staff fully understands the requirements of IFRS. We undertake this while still maintaining our independence, which is crucial to the process. We offer a range of services which will allow us to work with you to address your specific needs, including:

  • Project management of the conversion
  • Provision of accounting opinions
  • Implementation of processes and systems
  • Bespoke guidance, training and implementation of new accounting standards
  • Realising business opportunities arising from conversion