Objectives
To undertake the conversion of the financial reports and the underlying financial data of two London Stock Exchange listed groups from UK GAAP to that of IFRS.
Task
To understand the differences between the two sets of accounting standards and the impact of IFRS on each of the Groups. To work through the underlying data and identify required changes to the Group’s processes and procedures. Document the necessary adjustments required for the differences. To document the conversion process and present to the management team. 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.
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