Checklist - reporting and communication (internal/external)

This is a print only tool for you to use as your IFRS checklist.

High-level business impact – what are the effects on performance measures and financial ratios?

• Board’s awareness of strategic implications – volatility of reported performance measures
• Impact on specific covenants or ratios that are important to your business
• Implications for your remuneration packages, including bonuses and profit sharing arrangements

IFRS financial statements (consolidation pack, data dictionary and subsidiary accounts) – do you understand what these will look like under IFRS?

• High-level differences – impact on the income statement and balance sheet
• Managing multiple GAAPs within the group, eg IFRS, UK and US
• Non-mandatory standards and disclosure requirements

Investor relations and market expectations - when, what and how will you report to the external market?

• External reporting – publishing information for analysts and your shareholders
• Market information – quantity, type and auditing
• Dealing with uncertainty over future developments in IFRS

Corporate reporting – will you enhance the information you provide to your shareholders to ensure it is useful and clear?

• Reporting and communications – strength relative to your competitors
• Corporate reports – including additional information to aid clarity
• IFRS implementation – opportunities for improved financial reporting

Management information and internal communications – how will you update these processes?

• Need for management information to follow IFRS – impact on your business
• Implications for management – additional segmental disclosures and information requirements
• International consistency – need for IFRS accounting manual and reporting pack