International Financial Reporting Standards

Financial Reporting Standards have undergone fundamental changes in recent years, and more than 110 countries now apply the principles-based International Financial Reporting Standards (IFRS). This number is set to rise to around 150 countries over the next five years.

The US Securities and Exchange Commission (SEC) has proposed a roadmap that could lead to the use of IFRS by US listed companies. This in turn means IFRS is set to become the common accounting language of financial reporting worldwide.

Clients want an adviser they can trust. Our IFRS experts provide proactive, practical and timely advice on IFRS issues, with integrity and impartiality, and backed by exemplary technical knowledge.

At RSM Farrell Grant Sparks, we are in an excellent position to help you with your IFRS or FRSME (Financial Reporting Standard for Mid-Sized Entities) requirements. We can assist you with the following IFRS issues as you encounter them:

• Planning for IFRS or FRSME conversion
• Learning and change support
• IFRS and FRSME conversion projects
• Due diligence in an IFRS environment
• Audit of IFRS/FRSME financial statements
• IFRS/FRSME technical assistance
• Reconciliations between IFRS and local GAAP
• Preparation of IFRS accounting manuals and implementation

Applicability of IFRS

For larger companies:

• All EU companies listed on a regulated market are required to follow IFRS in their consolidated financial statements.
• IFRS must be adopted by publicly quoted and publicly accountable entities

For SMEs:

• Modified International Financial Reporting Standards are available for small and medium sized entities (IFRS for SMEs).
• IFRS for SMEs will be adopted by entities not required to apply IFRS
• The Accounting Standards Board has published Financial Reporting Standards for Small and Medium Sized Entities (FRSME) which is based on the IFRS for SMEs, but adapted for Ireland and the UK

Our international experience

In our firm and through our membership of the RSM International network we can draw on extensive international expertise in IFRS. We offer a wide range of IFRS services with the benefit of practical experience accumulated from working with clients on IFRS issues over a number of years.

Related services

Find out about our Accounting & Company Secretarial services

Read more about our membership of RSM International