IFRS Implementation in UK:
- For an effective IFRS convergence and implementation activity, Insights have experienced and skilled personnel with the expertise to carry out the adoption of IFRS effectively and in accordance with international standards.
- With a focus on the organization’s unique needs, Insights provides complex IFRS implementation services along with its best-practice compliance and specialized consulting on numerous IFRS matters.
For many years, the International Financial Reporting Standards (IFRS) have been in place in the United Kingdom. In 2005, the United Kingdom adopted IFRS as its accounting standard for the consolidated financial statements of publicly traded corporations. Since then, the UK has continued to harmonize its accounting rules with IFRS. The Financial Reporting Council (FRC) is the UK’s accounting standard maker and regulatory agency in charge of regulating IFRS implementation in the country. The FRC has adopted IFRS in its entirety, with certain amendments to suit unique UK legal and regulatory obligations. Listed companies in the United Kingdom are expected to prepare consolidated financial statements in compliance with IFRS. This includes providing financial statements that comply with the most recent versions of IFRS produced by the International Accounting Standards Board (IASB).
Companies listed in the United Kingdom must prepare consolidated financial statements in accordance with IFRS. This involves delivering financial statements that adhere to the most recent versions of the International Accounting Standards Board (IASB)’s International Financial Reporting Standards (IFRS). It’s worth mentioning that the UK’s relationship with IFRS may be altered by its choice to leave the European Union (Brexit). While the UK has stated its commitment to keeping high-quality accounting standards consistent with worldwide best practices, future events may have an impact on the country’s IFRS implementation.
Our IFRS professionals will help you convert to IFRS by offering the necessary resources, knowledge, and practical assistance to the client. Our IFRS adoption checklist includes the following components:
- Accounting and Reporting: New IFRS Accounting Policies and Procedures Development;
- Systems and Processes: Identifying the Source Systems That Need Changes;
- Business: Understanding IFRS Conversion’s Financial and Business Impacts; and
- People: All Levels of the Business are Supported with Information.
Services for implementation sustenance include:
With the experience of our experts, we can help apply the relevant IFRS guidance in the company’s financial reporting. Our mission is to keep ourselves up to date also on the ever-changing IFRS regulations.
- Support with the application of a new standard
- Establishing the proper reporting setup
- Impact of the new standard disclosure
- Review of the present configurations
- Evaluation of the existing contracts in light of the new standard
- Creating accounting procedures that adhere to the new standard
- The establishment of new accounting procedures, reporting, and disclosures
- Audit support
Our approach toward the IFRS Implementation involves the following:
- Analyze the impact of IFRS on the business including statutory reporting, tax implication, and functional & business processes.
- Evaluate the impact on financial systems
- Assess the magnitude of change in the organization
- Convert to IFRS at the consolidated and/or statutory reporting level.
- Design IFRS accounting, reporting, consolidation, and reconciliation processes and controls
- Develop change management strategy and revised operating model
- Deploy IFRS accounting, reporting, consolidation, and reconciliation processes and controls
- Continue monitoring and application of the changing standards environment
Facilitate knowledge transfer for ongoing IFRS reporting