International Financial Reporting Standards (“IFRS Compliance”) are principles created through accounting practice that is used as a base standard for the industry. Their basic objectives are that financial reporting should provide information that is:
- Useful in assisting potential creditors, investors and other users in making rational investment, credit, and other financial decisions
- Presentable to potential investors, creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts
- Explanatory of economic resources, the claims to those resources, and the changes in them
- Valuable for making financial decisions
- Helpful in making long-term decisions
- Constructive in improving the performance of the business
- Practical in maintaining records
IFRS Compliance Accounting Repackaging
When changing or moving through regions, accounting standards can also change. Often your accounting strategy needs to be changed, altered or repackaged to meet these new requirements. At LehmanBrown we have an international cross-border focus that allows us to offer you expert advice for a multitude of scenarios, suitable to any and all changing needs.
US companies, or companies that have previously dealt with accounting in the US, who wish to convert from US GAAP to IFRS, will need to initially apply for IFRS, (first-time adoption of International Financial Reporting Standards). Retrospective application of accounting principles can be very difficult, even when you are just getting started with financial accounting and are looking to be in line with IFRS standards and are attempting to bring uniformity throughout your company.
Our experience at LehmanBrown lets us offer a high quality of service in ensuring accommodation of IFRS for your company in a timely and personal manner.
IFRS Public Company Compliance
The aim of IFRS is to provide a globally recognised structure for the preparation and disclosure of a public company’s financial statements. Rather than setting industry-specific rules for reporting, IFRS provides general guidance on financial statement preparation.
For large companies that operate subsidiaries in different countries, using an international standard is especially important. It will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances.
How can LehmanBrown support providing IFRS Compliance services?
LehmanBrown is experienced in the preparation of IFRS financial statements and our staff have first-hand experience of working in complex group structures within a listed environment, and can extract the necessary reports and projections required within IFRS to support “fair value valuation” aspects. We are experienced in liaising with external valuation specialists where they’re needed, including complex IFRS share-based payment valuations, intellectual property and valuation of financial investments and derivative financial instruments.
For more information concerning LehmanBrown’s IFRS services or to make an enquiry, please contact firstname.lastname@example.org.