Hi ,
After much consultation and debate International financial reporting standards (IFRS) are here for small and medium sized businesses.
For some of us it's all a bit retro. When I trained with Arthur Andersen in the 70s (yes I am that old!) all the terminology we used was American, so we had receivables, payables and inventory! I feel right at home.
But are you ready for the
new standards? Have you learnt the new terminology? Will your profits change? What's your plan of action?
We attach an infographic kindly supplied by IRIS which summarises the impact of new UK GAAP compliance and provides links to resources for additional help. It covers the new reporting standards,a whole new ‘language' to learn, whether your profits will change, your plan
of action and compliance issues.
Fortunately if you are a client of Guilford Accounting we will be taking care of all the IFRS issues for you. If you are not and would like some help please get in touch.
Noel Guilford