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 most AIM-listed companies prepare consolidated financial statements in accordance with EU-adopted IFRS. We can advise clients on the conversion to IFRS including transition and implementation reports, adopting new standards and all aspects of accounting for Business Combinations under IFRS 3 (including Purchase Price Allocation reports). We can also assist in drafting IFRS-compliant financial statements for private companies and groups.

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’ current framework and the FRS 102 requirements and draft financial statements that are compliant with the standard.

Small businesses – Financial Reporting Standard applicable in the UK and Republic of Ireland (Section 1A)

Small entities are required to comply with the small entity requirements of FRS 102. A section in FRS 102 exempts small entities from most of FRS 102 disclosure requirements, but small entities are still required to apply the recognition and measurement rules.

We can assist with preparing company accounts under this 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 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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Richard Collis

Partner, London

Key experience
Richard heads the firm’s Business Advisory Group, working particularly with internationally active businesses. In addition, Richard has significant expertise advising...
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