Most UK fully listed companies have now prepared two sets of annual financial statements under IFRS. The next wave of companies are about to experience the transition to the new framework as AIM companies are required to comply with IFRS for periods commencing on or after 1 January 2007. It appears more likely than ever that at least some UK non-listed plcs and private companies will be required to comply with IFRS in the near future. It is therefore becoming increasingly important that those companies and their advisors are aware of the impact that the transition to IFRS can have on the financial statements and on their relationships with lenders and other stakeholders. This update will therefore illustrate the potential impact of IFRS on financial statements currently prepared under UK GAAP to enable delegates to plan for the transition.

Anyone responsible for the accounts of any type of company either internally or as advisors to the company

The workshop will cover the main differences between UK and international financial reporting standards and will highlight some of the practical difficulties when making the transition. A case study will be used to highlight the main accounting and disclosure implications. Key areas covered will include:

• The format of the balance sheet and income statement under IAS 1
• The format of the cash flow statement under IAS 7
• The issues relating to the preparation of group accounts, including the new rules for recognising and accounting for goodwill under IFRS 3
• The extra provisions required when accounting for deferred tax under IAS12
• The issues relating to recognition and disclosure of leases under IAS 17
• Significant additional disclosure requirements

It will also include a brief word on disclosures and on first time adoption issues.