Practical guidance and support on IFRS

IFRS provides a globally recognised framework for the preparation of financial statements. UK-listed groups are required to apply UK-adopted international accounting standards (UK IFRS) for their consolidated accounts, and an increasing number of non-listed companies are choosing IFRS to:

• Facilitate future listings 
• Meet shareholder or investor expectations 
• Align reporting with other companies in their industry 
• Support international operations 

Our specialists can help you understand, implement, and navigate IFRS requirements, whether you are transitioning to IFRS for the first time or managing ongoing compliance. We provide guidance on accounting policies, first-time adoption as well as the broader impact on your financial statements, reporting processes, and related areas such as taxation, bonus schemes or bank covenants.

Key considerations when adopting IFRS

Transitioning to IFRS or implementing a new standard can create both technical and practical challenges. Key areas where organisations often need support include:

• Assessing the impact of individual standards on their financial statements 
• Managing the first-time adoption process and accounting adjustments 
• Identifying consequential effects, such as changes to tax liabilities, loan covenants or bonus arrangements 
• Ensuring systems, processes and controls are IFRS-compliant 

We have extensive experience supporting clients across sectors with these challenges, providing practical advice and hands-on implementation support.

Recent and significant IFRS standards

Some IFRS standards are particularly complex or have wide-ranging implications for how financial performance and position are reported. For more detailed guidance, please visit the specific pages for each standard:

• IFRS 9 Financial Instruments 
• IFRS 15 Revenue from Contracts with Customers 
• IFRS 16 Leases 
• IFRS 17 Insurance Contracts 

Accounting standards continue to evolve. For example, IFRS 18 (replacing IAS 1) introduces updated requirements for the presentation and disclosure of financial statements including the reporting of Management Performance Measures (MPMs).

Find out more on our IFRS 18 page.

Illustrative IFRS financial statements

We provide model IFRS financial statements to serve as a technical reference and support IFRS adoption:

• Interim IFRS Illustrative Financial Statements (June 2025)
• IFRS Illustrative Financial Statements (December 2025)

These examples show suggested disclosures and sources but are not tailored to any individual entity or UK Companies Act requirements.

IFRS At a Glance

Our IFRS at a Glance publication provides a high-level overview of all IFRSs in issue at 31 December 2025, summarising key principles and disclosure requirements in a concise format.

How we can help

Our specialists assist organisations with all aspects of IFRS adoption and compliance, including:

• Determining which IFRS Accounting Standard(s) apply to a transaction or series of transaction
• Transition planning and first-time adoption
• Accounting policy selection and application
• Assessment of impacts from new and amended standards
• Determining the initial recognition, initial measurement and subsequent measurement of all transaction types
• Considering the interplay of various IFRS Accounting Standards across each other
• Technical accounting support for complex transactions

If you would like to discuss how we can support your organisation with IFRS, please contact our team to arrange a conversation.

 

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