Accounting standard implementation
Sector: Technology
Company profile: Private company undergoing an IPO
Background
The client was planning to undertake an IPO and was looking for end-to-end accounting advisory support to guide them through the process.
How we assisted our client
We supported the company through this process which included a challenging timetable for the preparation of Historical Financial Information (HFI) for inclusion in the AIM admission document.
As part of the process, we performed the conversion from UK GAAP to IFRS, by performing a GAAP conversion analysis and calculation of measurement differences for three accounting periods. In particular, this involved the extensive review of customer contracts and numerous GAAP adjustments in respect of revenue recognition.
We effectively project managed the preparation of the HFI by liaising with the directors, auditor, nomad and lawyers, providing regular updates on the process. The Forvis Mazars team provided project management support, clear auditable reports and workbooks and demonstrated a good understanding of the business and IFRS requirements. Following the production and audit of the HFI, the company successfully listed on AIM.
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Strategic transactions
Strategic transactions include those such as acquisitions, disposals, group reorganisations and initial public offerings, and when undertaken can have a significant impact on financial reporting.
Finance director support
While the demands on the finance function may ebb and flow, finance teams are often under considerable pressure at key points such as the year end, or when implementing transformational change.
Accounting standards implementation
Accounting standards are the backbone for all financial information. Whether you are reporting under IFRS, UK GAAP or US GAAP, the application of accounting standards is of paramount importance, as accurate and consistent information allows stakeholders to make sound economic decisions.
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