Helping Clients Improve IFRS Financial Reporting Without Compromising Compliance 

Accountants and auditors in practice play a central role in helping clients meet their financial reporting obligations under International Financial Reporting Standards (IFRS). But as reporting expectations evolve, there’s growing attention on whether financial statements are not only compliant, but also clear, relevant, and useful to stakeholders. 

A 2023 CPA Australia survey found that 60% of CFOs identified reporting complexity as a key concern. Globally, EY’s Board Risk Survey showed that over half of directors struggle to use financial statements to inform strategic risk discussions. For those preparing or reviewing reports across multiple entities, these concerns highlight the need for financial statements to communicate effectively—not just comply. 

The evolving role of the practitioner 

Public practice professionals are well placed to support clients in producing financial reports that meet both regulatory and stakeholder expectations. Beyond preparing or auditing financial statements, practitioners often guide clients on how to interpret standards, apply judgement, and present information in a way that reflects both financial performance and operational context. 

This role is increasingly important in today’s environment, where boards, investors, regulators, and even internal management are demanding more accessible and decision-useful information. 

Materiality and relevance 

Applying materiality effectively is fundamental to delivering focused, useful financial reports. However, in practice, materiality can be inconsistently applied—sometimes resulting in disclosures that satisfy compliance needs but add limited value for readers. 

Helping clients assess whether their disclosures align with the needs of financial statement users is a key opportunity for practitioners to add value. This includes encouraging more thoughtful discussions about what is relevant and supporting decisions that reflect both the spirit and the technical requirements of the standards. 

Professional judgement in practice 

Professional judgement is essential in any IFRS engagement. For accountants and auditors, this involves helping clients interpret standards in context—especially where there’s uncertainty around disclosures, estimates, or explanatory notes. 

Experience across a client base gives practitioners a broader perspective. By drawing on what works across similar reporting scenarios, professionals can support clients in producing clearer, more consistent, and more relevant financial statements. 

A timely opportunity to reflect 

To support this conversation, Caseware Australia is hosting a webinar titled “Rethinking IFRS Reporting for Better Business Insights,” featuring Carmen Ridley, financial reporting consultant and former member of the Australian Accounting Standards Board (AASB) on 26 June at 12:30 PM AEST. The session will examine current challenges in financial reporting and offer perspectives on how preparers and reviewers can respond thoughtfully and confidently. 

The session is relevant to practice firm accountants, audit partners, financial reporting advisors, and professionals involved in preparing or reviewing IFRS-compliant financial statements. 

Why it matters for practice 

Clients rely on trusted advisers to help them make informed reporting decisions. Whether you are finalising year-end accounts, supporting disclosure reviews, or preparing for audit discussions, having a clear view of evolving expectations around IFRS can help you guide your clients more effectively. 

Good financial reporting is about more than ticking the compliance box. For practitioners, it’s an opportunity to support clarity, build confidence, and enhance the quality of financial information provided to stakeholders.