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Technical Accounting Services

Although IFRS and New UK GAAP were introduced to deliver simplicity, understanding technical accounting can be time-consuming and require highly technical accounting expertise. As experts in dealing with IFRS, UK GAAP, US GAAP and other Local GAAPs, we will save you time and provide reassuring clarity. 

Contact Ian Chapman

  • Ian Chapman
    Meet the team

    The team

  • Listed Companies. Multinationals. Public & Social Sector Organisations. SMES & Privately Owned Businesses. 

    Who we can help

  • Local GAAP to IFRS Conversions. New Accounting Standards. IFRS Compliance. Listing Requirements. IFRS Technical Advice. Local GAAP Technical Advice. 

    How we can help

WHAT DOES IFRS MEAN FOR YOU?

IFRS (International Financial Reporting Standards) were established to harmonise the reporting of transactions and events in financial statements, so they can be easily compared across countries, sectors and companies. The intention is to improve transparency and trust and enable easier financial decision-making. 

Although IFRS is all about bringing clarity, its sheer scope and the challenge of unifying so many accounting standards inevitably means there are complex aspects that require in-depth technical accounting expertise. 

Our dedicated IFRS service is delivered by team members with considerable experience and up-to-date knowledge of how to interpret the standards, how they will affect you and the best practice for ensuring you remain IFRS compliant. 

MAKING SENSE OF IFRS

Whilst the aim of IFRS is to establish standards that businesses, auditors and investors can readily understand, IFRS is one of the most technical aspects of accounting. In terms of the day-to-day aspects of their businesses, many larger companies can comfortably deal with IFRS. However, there are areas where our specialist knowledge will save you considerable time, avoid mistakes and ensure compliance. 

These can include checking that your own statutory accounts include the correct disclosures, reviewing your current accounting processes for conformity with IFRS requirements and the introduction of new accounting standards. We extend this service to all current IFRS preparers and not-for-profit entities. If your company is getting ready to be listed, we can prepare you for your listing requirements. If you are a growing business involved in M&A activity, we can ensure you understand the impact of Local GAAPs on acquisitions and convert your new subsidiaries to IFRS to allow for simple consolidation. We support our clients with board submissions, auditor interactions, reporting accountants and regulator interactions. 

UK GAAP Technical Accounting

IFRS is likely not the answer for all companies. The Financial Reporting Council introduced New UK GAAP (FRS 100-105) to replace the old UK accounting standards, improving consistency, and updating the requirements for evolving business transactions. FRS 102, as implemented by most UK non-listed preparers, is based on IFRS for SMEs, with significant changes to comply with company law and to include extra accounting options.  

Although FRS 102 was introduced to provide a simpler framework than IFRS for UK preparers it does not remove all the difficulties in applying accounting standards to complex transactions for your business. Our experts in both IFRS and UK GAAP can assist you with applying UK GAAP to your complex transactions, reviewing your existing conformity with UK GAAP and company law and assisting with the introduction of new accounting standards and FRC thematic review findings. We can also assist you in making the correct accounting policy choices to suit your business’s needs. 

We also support UK subsidiaries, that prepare under New UK GAAP, of overseas groups to provide their parents with valuable insights into the required conversion adjustments to aid consolidation into IFRS or other Local GAAP.  

CLARITY, INTEGRITY AND RELIABILITY

IFRS and UK GAAP standards are not only for statutory purposes, but also to give auditors, investors and potential purchasers and partners the decision-making information they need. It’s in your interests to have accurate and compliant reporting, and we will provide that efficiently and cost-effectively.  

On the other side of the table, if you’re scrutinising business with a view to acquire it, we can examine their IFRS or Local GAAP records and interpret them for you. Where we identify anomalies, we will dig deeper to ascertain whether they are simply down to unforeseen errors or if there is a more serious underlying reason. As already mentioned, the standards are regularly updated and inadvertently missing an aspect of the new rules can result in apparent non-compliance. For this reason, our team is always diligent in familiarising themselves with new standards (such as IFRS 16 Leases, one of the more recently introduced updates), IFRIC announcements and thematic reviews at the earliest opportunity. 

AN ATTRACTIVE ALTERNATIVE TO THE BIG FOUR

If you are being audited by one of the Big Four, it’s most likely they will decline to provide you with IFRS advice. We are ready and able to step in and deliver that service for you. We also offer a more responsive, cost-effective response if you’re considering moving away from the Big Four for your IFRS services. 

By choosing AAB, you have the benefit of a fresh point of view, independent from your current auditor. Where you might usually receive rather limited guidance, we go further and provide greater detail, with useful insights and interpretations to help you achieve your goals. Additionally, as we don’t delay the process through multiple layers of review, our service is more agile. You’ll get a considered response faster, plus the benefit of more senior and experienced input. 

  • I have been a personal tax client of AAB for a number of years and in that time they have guided me through the tax return process and provided me with specialist advice relating to my non-resident tax position.

    Peter Williams

  • It is obvious that all members work well as a team, they are passionate and really enjoy their work. The advice I have received has been holistic, sound and proactive in nature, and the technicalities are explained clearly.

    Stephen Bonsor, The Dental Practice

  • People do business with people and AAB’s people are friendly, helpful and professional. The charities team have been tremendously supportive and has continued to give us guidance and advice that far surpasses any contractual requirement.

    Thane Lawrie, SCARF

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