Financial reporting

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The move toward the global adoption of a single set of accounting standards continues with the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) implementing an ambitious work plan for major joint projects with a number of new standards expected in 2011.

With the convergence agenda comes change and a need for companies to understand the broad implications of the changes on their organisation including financial and management reporting, contract management, process changes, IT systems, risk assessment and management.

Focus on the issues that matter

Our assurance professionals have a breadth of experience to deliver relevant business and industry insights to you and our culture promotes internal teaming across all our service lines, including Assurance, Advisory, Tax and Transaction Advisory Services. As a result, our professionals are instilled with confidence not only to focus on the issues that matter to you, but to be the first to address those issues with you.

In addition, IFRS centres of excellence called "IFRS desks" are established in each significant country and region, with a team in London coordinating all global IFRS work. We strive for consistent interpretation through constant communication and consultation between the various desks, our engagement teams and you.

Financial Accounting Advisory Services

Through our Financial Accounting Advisory Services, we can provide assistance on many of your current critical issues, including IFRS conversion support, implementation of new accounting standards, application of existing standards to new transactions, accounting experience during financial due diligence, accounting control or process support and assistance with public offerings.

Through our commitment to thinking and being progressive, we strive to meet your needs as the global markets and your company continue to change, as do the issues most important to you.

Financial Accounting Advisory Services include:

  • Interpretation of complex accounting issues, especially in relation to major changes to businesses
  • Assistance with the implementation of new accounting standards
  • Accounting support on IPOs
  • On-call financial reporting guidance and support
  • Accounting and regulatory support
  • GAAP conversion support

Key accounting and auditing guidance

Having access to key accounting and auditing guidance is critical for your business and for implementing accounting standards effectively and efficiently.

EY provides up-to-date knowledge, insights and timely advice to help you deal with the widespread implications of IFRS. Our business-based approach helps you to manage both financial accounting and reporting issues and understand where and how IFRS affects your decision making.

Our service is informed by the insights of a worldwide network constantly working on IFRS-related issues, and the seasoned experience of our local team.

AASB 10 for not-for-profit entities

What are the key principles of AASB 10 for not-for-profit entities (pdf, 293.8kb)? EY provides assessment and implementation guidance in our latest accounting update.

AASB 13 Fair Value Measurement

This publication focuses on the implications of AASB 13 for the not for profit (NFP) and public sectors (pdf, 359.8kb) including measuring the fair value of specialised public service assets.

Effective disclosure in an operating and financial review

Here we summarise Regulatory Guide 247 (RG 247) and outline its implications and actions (pdf, 412.4kb) for directors, executives and preparers of an effective operating and financial review (OFR).

Accounting for retirement villages

This guide to applying AASBs in the retirement village industry (pdf, 407.4kb) is designed to help you understand the divergent views on key issues and assess the correct course of action.

Under the Carbon Pricing Mechanism: Helping you navigate your financial reporting

Key accounting issues arising from the Carbon Pricing Mechanism.

Annual leave liability changes

Entities that allow employees to accrue their annual leave balances could find significant changes to their annual leave liability following revisions to the standard on accounting for employee benefits.

International GAAP

International GAAP® 2014 is the only globally focused work on IFRS, illustrating how to approach complex practical issues in the complex world of international financial reporting. It provides a unique level of authoritative material for anyone involved in preparing, interpreting or auditing company accounts, for regulators, academic researchers and students of accountancy.