FINANCIAL STATEMENTS
PREPRATION
All financial statement are prepared by Patricia Farnan, a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), so you benefit from her guidance on disclosure requirements and applicable exemptions.
REPORTING STANDARDS
We specialise in IFRS, FRS101 (IFRS reduced disclosure framework) and FRS102 (UKGAAP), other GAAPs can be arranged if required.
WORKING WITH YOUR AUDITORS
We will provide a full audit trail and an audit-friendly disclosure checklist. We can align with your auditors to agree the timeline, to ensure that you meet all of your internal and external deadlines.
WRITTEN ELEMENTS
We can advise on the written elements, such as the director's report and strategic review, with templates and tailored examples.​
TAX NOTES
The tax notes can be challenging, so if you provide your corporation tax calculations, we can put together your tax notes for you.
We can even consolidate your tax figures for your group accounts and calculate your deferred tax. All with a user-friendly audit trail.​
CONSOLIDATION
We can assist with the consolidation of the subsidiary entities into the group accounts, which will come with an easy-to-follow spreadsheet showing the calculations and mappings.
FILING
We can take care of the filing at Companies House, including the Board resolutions and minutes to be signed by the Directors, the audit exemption filings, and all other year end paperwork.
TECHNICAL ACCOUNTING
IFRS ADOPTION
If this is your first year reporting under IFRS, we can help you with that transition. We will start with an in-depth discussion with your finance team to identify the standards relevant to your company, then prepare the calculations, templates, and disclosures for this year and future years.
CHANGES TO ACCOUNTING STANDARDS
For any changes to IFRS or UKGAAP, we can help you with that, including the calculations, templates, and disclosures.
ACQUISITIONS OR OTHER COMPLEX TRANSACTIONS
Whether it's an acquisition, a merger, or any other complicated transaction, we can review the legal documents to create the required entries and disclosures.
SUPPORTING MEMO
Any technical accountancy undertaken by Practicality Finance will be accompanied by a comprehensive memo to give the Board and the auditors comfort that everything has been taken care of.
CHARITIES
INDEPENDENT EXAMINATIONS
Whether your IE is required or voluntary, we will examine your accounts in line with the Charity Commission's guidance.
APPROACH
We'll make sure that the accounts you're filing with Companies House and with the Charities Commission are in line with the correct FRS and SORP, and that your underlying books and records are in good order.
We'll discuss any findings with you in detail to make sure we're aligned on all points before reporting, and if we see any opportunities to improve your methods, we'll be sure to let you know.
REPORTING
We'll provide a report to your Board of Trustees to be included in your financial statements, along with a letter to the Trustees explaining any findings and recommendations.
PRO BONO
We perform these examinations pro bono for good causes.