As financial reporting standards become ever-more technical, the need for specialist advice and support has never been greater.
The year-end can be a difficult time, which many companies simply want to get through and then forget. But your accounts are more than just a statement of your company’s transactions and financial position. As well as ensuring compliance with the relevant laws and regulations, they are an expression of the way your company does business and show how it presents itself to the outside world.
A well-prepared set of accounts speaks volumes to your existing investors and stakeholders and is a great starting point for conversations with new ones.
Whether you are reporting under IFRS (link to IFRS page) or Irish & UK GAAP (Generally Accepted Accounting Principles), RSM’s reporting support team is on hand to provide that support.
Our team can ensure your financial reporting is first-class. Our fully-tailored service will cover all your needs, from producing financial statements and dealing with complex transactions and auditor queries, to providing year-round telephone support.
Keeping up with financial reporting standards
To stay in line with twenty first century business, regulators are forced to continually develop financial reporting standards to keep abreast with changes in business practices. Some of these changes are complex and technical in nature as many companies have started taking part in increasingly sophisticated activities, such as:
- joint ventures or other collaborations
- capped or variable interest rate loans
- group restructuring
- employee share options and incentive schemes
- hedging and other types of forward currency transactions
Many businesses do not realise the complexity of financial reporting on the relevant transactions in their accounts. Yet the fact remains that they are required to comply with the very complex reporting implications that arise.
Our financial reporting support team can help you to identify the effect that changes in standards will have on your accounts and help you to deal with any consequences. We see ourselves as an extension of your finance team, advising on the optimum accounting policies for your business and work alongside you when presenting these to your auditors.
The new Irish and UK GAAP
We actively watch out for any developments in financial reporting, including changes to International standards. Recently, Irish & UK accounting standards underwent a radical change. FRS 102, the new Irish & UK GAAP was launched. We have taken a keen interest in the new Irish & UK GAAP and can ensure that you make a smooth and trouble-free transition.