International financial reporting standards

International Financial Reporting Standards (the new name for International Accounting Standards):

From 1 January 2005 all listed groups in the EU will have to prepare their statutory accounts in accordance with International Financial Reporting Standards (IFRSs) rather than their local accounting rules. Although many IFRSs are similar to existing UK Accounting Standards there are some significant differences. These will have implications for the way accounts are presented and create practical problems for businesses who will need to capture and analyse some financial information in a different way. They will also affect some commercial contracts, financial covenant compliance, taxation and even profit related pay arrangement. Therefore, IFRSs are relevant to both accountants and lawyers.

By mid 2004 companies will be working hard to ensure that they are ready for the new regime. We can help explain what they are doing and why.

PUBLIC COURSES

For lawyers

We will be offering a 90 minute “Birds Eye View” of the new regime to assist lawyers to understand its implementation and practical consequences. For more details, click here.

For accountants

We are offering a two part course on how IFRS differs to current UK GAAP. This will include the background to how and why IFRS will impact on company accounting. For more details click here.

To arrange an in-house session or one of more detailed offerings please contact Nicki Cole.