UK Firm Seamlessly Transitions from FRS 102 to IFRS Ensuring Compliance - Outsourced accounting services | Outsourcing For UK Accountants
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UK Firm Achieves 100% Audit Ready Statements While Transitioning to IFRS

Location: Birmingham, UK || Business: Mid-sized Accounting Firm || Service: Tax and Accounting

Client Profile

A leading professional services firm in the UK, specializing in a comprehensive range of essential services, including accounting, audit, tax, and financial advisory. With a focus on innovation and exceeding client expectations, the firm takes a personalized and responsive approach to client service, striving to tailor their offerings to meet the unique needs of their clients.

Expanding corporate client base with growing reporting complexity

Increased stakeholder and stock-market compliance requirements

Need for internationally aligned financial reporting standards

What’s in Store in This Case Study

In 2025, AcoBloom was engaged to transition the firm to IFRS. This case study outlines the key actions taken and outcomes achieved during the transition.

Seamless transition to IFRS standards

Reduced internal workload and dependency

Managing audit-ready accounts within tight timelines

Accurate prior-year restatement

Clear reconciliations and disclosures

Challenges Faced by the Client

Limited IFRS expertise, resulting in:

  • Misidentification of non-permitted FRS 102 exemptions
  • Uncertainty in recognising and remeasuring items
  • Challenges preparing equity and profit reconciliations
  • Expanded disclosure requirements, increasing data workload
  • Limited internal capacity, with little IFRS experience
  • Strict audit and filing deadlines increasing the risk of delay

Services Offered

Structured IFRS Transition Roadmap
Developed and implemented a detailed step-by-step conversion plan with defined timelines, responsibilities, and control checkpoints.

Preparation of IFRS-Compliant Financial Statements
Converted statutory accounts into fully compliant IFRS financial statements, including revised presentation and note disclosures.

Restatement of Historical Financial Data
Reviewed and adjusted prior-year figures to align with IFRS recognition and measurement principles.

Preparation of Mandatory Transition Reconciliations
Prepared equity and profit or loss reconciliations quantifying and explaining the impact of IFRS adoption.

Technical Position Papers and Policy Documentation
Drafted IFRS accounting policies and technical memoranda to support judgments and audit review.

Active Audit Liaison and Issue Resolution
Coordinated directly with auditors to respond to queries, provide supporting documentation, and facilitate timely sign-off.

Key Business Outcomes

0

Audit qualifications issued post-transition

100%

Audit-ready financial statements delivered

2 months

Transition delivered within timeline

95%

Reduction in audit adjustments

30%

Decrease in internal reporting workload and need for permanent hires

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