Financial statements should ideally tell the right company story and provide meaningful information. Still, increasingly complex IFRS requirements have resulted in financial statements that can be both overwhelming and lacking in useful information. In today's episode of Accounting for the Future, host Anne-Marie Henson, BDO Partner, is joined by BDO Accounting Advisory Group Partner and return podcast guest Mary Mathews. Together, they examine strategies to make financial statements more meaningful and useful. Mary offers steps to meet complex compliance standards while also telling the story users need to obtain from their financial statements.

What You'll Hear In This Episode:

[1:22] A brief overview of IFRS and its impact on reporting today.

[4:08] Common presentation issues and complexities within disclosure requirements.

[7:32] The effect of the latest IFRS standards on financial reporting and statements.

[9:40] Key steps to crafting financial statements that say what they mean.

[16:38] Tips for staying organized throughout the yearly process.

[21:57] Strategies for organizing and minimizing report pages.

[24:00] Additional considerations when preparing for the future of financial reporting.

Mentioned:

BDO

Mary Matthews

Anne-Marie Henson

Quotes:

"Thinking about financial statements as a communication tool is key."

"The continuing changes to IFRS add a complexity to that important role of preparing the financial statements."

"There are always changes happening in the world of accounting standards and financial reporting."