IFRS is a single set of accounting standards which have been mandated for use in over 100 countries across the world. They are designed to be applied consistently regardless of an entity’s geographic location so that anyone reading the financial statements can compare them on a like-for-like basis with the figures produced by other companies.
Hall Morrice can walk clients through the entire process, and this will commence with a meeting to understand the needs of the business. Within the space of a few hours, our team will be able to explain the key points and requirements of IFRS, and highlight the differences in reconciliations of published accounts to providing a clear audit trail.
Furthermore, we will able to explain how our conversion tools and methodology gained over many years of experience will enable you to make a smooth transition to IFRS.
From there, our team will carry out a four-step process of: