We assist clients with all of their accounting and financial reporting needs. Accurate financial statements are a key commercial tool and our clients expect us to understand their businesses and rely upon us to keep them up-to-date with changes in legislation.

Financial reporting in the UK is a complex and evolving process with a number of available financial reporting frameworks.

International Financial Reporting Standards (IFRS)

Fully listed and AIM market companies prepare consolidated financial statements in accordance with IFRS. We can advise clients on the conversion to IFRS, including producing reports on the key changes, providing assistance with restructuring accounting records and valuations. We can also assist in drafting IFRS-compliant financial statements for non-listed clients.

Non-small businesses - Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)

FRS 102 is the primary financial reporting standard that applies to most non-small UK entities. We are able to produce reports detailing the differences between a business’s current framework and the FRS 102 requirements, help them through the transition, and draft financial statements that are compliant with the new standard.

Small businesses

Small entities are no longer permitted to adapt the Financial Reporting Standard for Smaller Entities (FRSSE) with effect from 1 January 2016. Small entities are now required to comply with the small entity requirements of FRS 102. A section in the latest version of FRS 102 exempts small entities from most of FRS 102 disclosure requirements, but small entities will still be required to apply the recognition and measurement rules.

There are some key differences between the FRSSE and FRS 102. We can assist clients in understanding how these differences are likely to affect their financial statements. We can also assist with preparing company accounts under the new regime.

Very small businesses - FRS 105 ‘The Financial Reporting Standard applicable to the Micro-entities Regime’

This is an accounting standard for the smallest companies. It can only be applied by companies and is a considerably less onerous and more simple financial reporting regime than FRS 102. It is unlikely to be the right financial reporting regime for a growing business, but it can provide a straightforward answer to financial reporting for simple asset holding companies or very small one-person businesses.

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