Ernst & Young - Financial Reporting - Ernst & Young - United Kingdom

The Financial Reporting group within Ernst & Young focuses a unique depth of financial reporting know-how and commercial acumen on clients' financial reporting needs. Whatever the nature of the financial reporting problem the Financial Reporting group has unmatched expertise.

Both IFRS and UK GAAP present increasingly complicated and often convoluted reporting requirements that do not have intuitive solutions. The effective implementation of such requirements is essential for a business properly to present its results.

The Financial Reporting group has an unrivalled depth of expertise in the most complex reporting matters. These include, for example, pensions; financial instruments; income taxes; foreign currency; PFI contracts; subsidiaries, associates and joint ventures; provisions, disposals; and impairment.

Businesses that are in the process of considering coming to the market, whether on AIM or a full listing, that have not been reporting under IFRS, will have the need to convert their systems to produce IFRS compliant financial reports. The Financial Reporting group can assist clients:

• to identify the key areas of change;

• to fully comprehend the impact of the new reporting requirements on the results of the business;

• to maximise the business benefits;

• to complete the conversion efficiently and effectively; and

• to ensure staff understand the IFRS regime and can identify the effects on results of potential future management decisions and business structures.

Litigation support: The Financial Reporting group works closely with Ernst & Young's litigation support department to assist clients who need financial reporting expertise. In pursuing various types of actions, for example: arbitration, or expert determination proceedings following corporate acquisitions and disposals, Financial Reporting group staff have the necessary standing to be effective.

UK, US and IFRS technical issues: Complex technical issues frequently arise in the course of clients' activities. The Financial Reporting group's role is to provide practical interpretations of technical requirements, thereby ensuring that the complex financial reporting environment companies work within is dealt with economically and sensibly.

US listings: The Financial Reporting group provides assistance to clients on US listing matters, for example: simultaneous US and UK listings, large group demergers, and initial public offerings of equity and debt in the United States. The department provides continuous support to clients in US reporting matters, in particular the complex reporting and filing requirements of the SEC, and the requirements of the Financial Accounting Standards Board.

Publications: The Financial Reporting group aims to provide the best service to Ernst & Young's clients using its unique blend of technical expertise and practical experience. The Financial Reporting group is responsible for writing International GAAP^® 2009 – the new and essential volume of practical guidance and expert interpretation of international financial reporting standards.

Financial Reporting Outlook 2008
Ernst & Young hosted its annual financial reporting conference in London on Monday 17 November 2008, bringing together leading experts from the financial reporting community. The event provided an ideal briefing for chief financial officers, controllers, finance managers and others involved with financial reporting. Please visit our 2008 conference page for more details, to download the conference material and watch our summary video.