Financial reporting is becoming more complex and there are increasing challenges facing finance leaders to not only deliver compliant, high-quality reporting, but to also stay ahead of national and international regulatory developments.
Your accounts are a window to your stakeholders, including investors, lenders, suppliers, and customers. With finance teams under pressure to move quickly and respond to an ever-changing environment, businesses are often faced with unusual and unfamiliar reporting challenges.
Helping you to navigate the complex world of financial reporting
RSM is actively involved in responding to any developments in financial reporting, including changes to international standards.
Our financial reporting specialists bring technical expertise to the forefront. We provide both financial reporting advisory and financial reporting support services to help tackle the complexities and deliver the right solution for your needs.
- Financial reporting support
- Financial reporting advisory
Financial reporting support
In our view, letting financial reporting lead the way increases your chance of achieving your objectives. That’s why we want to help you develop a reporting structure that suits your business and sets you on the way to successful transformation.
Bringing together a unique set of skills and expertise, RSM’s financial reporting advisory team can provide you with high-level advice on issues relating to:
- changes to Generally Accepted Accounting Practice in the UK (UK GAAP) including FRS 102;
- international Financial Reporting Standards (IFRS); and
- amendments to the Companies Act 2006.
Through our financial reporting advisory service, we can offer you a unique viewpoint. Our powerful tools can help you when you are:
- undergoing corporate restructuring;
- implementing complex accounting rules;
- preparing to list; and
- planning a demerger.
By working in partnership with us, you can create a template for change, moving to a new financial reporting structure that best fits your business.
We believe that most corporate transformations work better when they are led from the outset by financial reporting. This approach gives organisations a clearer perspective from which to make decisions, a robust structure within which to plan projects, and a smoother transition that avoids you having to deal with tedious and costly compliance and audit issues later.
Examples of the benefits of leading with financial reporting include:
Accounting policies can have a dramatic effect on growth. Planning and adopting the right accounting standards early can help to achieve the desired earnings objective.
Group reorganisation and restructuring
Rationalising the assets, liabilities and trading structures of different entities can create enormous commercial advantage. Taking a high-level approach with the Companies Act and financial reporting as the backbone of your approach ensures a pain-free transition and avoids auditing issues, not to mention higher costs later on.
IFRS conversion and listing
Taking a strategic approach to IFRS conversion ensures that the business will address the significant accounting issues early and avoid the shocks arising from a conversion project taking place prior to listing.
Acquisitions and disposals
Looking at acquisitions, demergers, disposals and exits from a financial reporting perspective creates a much wider matrix of choices. It also provides a baseline from which directors and businesses owners can make informed decisions about which route to take.
All too often financial reporting and company law issues are the last thing to be considered in a corporate transformation - by which stage they may be difficult or impossible to resolve without unpicking earlier decisions.
Our financial reporting advisory service will assist you in making the best decision for your business.
Find out more by getting in touch with our team or visit our financial reporting resources hub. We’d be delighted to discuss how we can help.
Financial reporting advisory
As financial reporting standards become ever-more technical, the need for specialist advice and support has never been greater. Whether you are reporting under IFRS or new UK GAAP (Generally Accepted Accounting Principles), RSM’s reporting support team is on hand to provide that support.
Our team can ensure your financial reporting is first-class. Our fully tailored service will cover all your needs, from producing financial statements and dealing with complex transactions and auditor queries, to providing year-round telephone support.
It’s that time of year again
The year-end can be a difficult time, which many companies simply want to get through and then forget. But your accounts are more than just a statement of your company’s transactions and financial position. As well as ensuring compliance with the relevant laws and regulations, they are an expression of the way your company does business and show how it presents itself to the outside world.
A well-prepared set of accounts speaks volumes to your existing investors and stakeholders and is a great starting point for conversations with new ones.
Raising your standards
Financial reporting standards have become extremely complex and technical over the years, as the regulators have developed them to cover the ever-increasing complexity of twenty first century business. In addition, many companies have started taking part in more and more sophisticated activities, for example:
- joint ventures or other collaborations;
- capped or variable interest rate loans;
- group restructuring;
- employee share options and incentive schemes; and
- hedging and other types of forward currency transactions.
Many businesses do not realise the complexity of reporting on the relevant transactions in their accounts. Yet the fact remains that they are required to comply with the very complex reporting implications that arise.
Our financial reporting support team can help you to identify the effect that changes in standards will have on your accounts and help you to deal with any consequences. We see ourselves as an extension of your finance team, advising on the optimum accounting policies for your business and work alongside you when presenting these to your auditors.
Moving the goalposts
RSM is actively involved in responding to any developments in financial reporting, including changes to international standards. Recently, UK accounting standards underwent a radical change. FRS 102, the new UK GAAP was launched. We have taken a keen interest in and contributed extensively to the development of the new UK GAAP and can ensure that you make a smooth and trouble-free transition.