Both of the Listed Concerns were looking to adopt IFRS as their financial reporting standard. The FTSE listed Banking Group was looking to adopt IFRS early ahead of the mandated date, whilst the AIM Listed Fund of Funds company was looking to achieve their conversion within the required reporting date set.

Objectives

To undertake the conversion of the financial reports and the underlying financial data of the two listed groups from UK GAAP to that of IFRS.

Task

  • To analyse the financial reports previous prepared.
  • To understand the makeup of the Group
  • To understand the different reporting standards utiulised by the Subsidiaries.
  • To analyse the underlying data of each of the subsidiaries within the Group.
  • To understand the differences between the two sets of accounting standards and the impact of IFRS on each of the Subsidiaries.
  • To identify the required changes to the Group’s processes and procedures.
  • To document the necessary adjustments required for the differences.
  • To document the conversion process and present to the management team.
  • Following approval of approach, process and affect on the Group work through the necessary adjustments to restate the comparative information.
  • To restate the financial statements and update the disclosure ready for the next reporting cycle.

Result

Successful conversion of the financial data took place within the relevant timeframes of both listed concerns. The restated results were approved by the auditors and the Board prior to release through the RNS.