IFRS conversion and compliance for a media entertainment company
IFRS conversion, compliance reports
When in-flight entertainment business Inflight Productions Limited was acquired by German listed business Advanced Medien GmbH (since renamed Advanced Inflight Alliance GmbH), the new structure required a substantial change in reporting regimen – including a changed reporting date, IFRS conversion and detailed quarterly compliance for the IFP group – which followed, in rapid succession, the intense activity of the sale process. This drove a short-term requirement for an experienced team to augment in-house resources and ensure that IFP were able to deliver on those requirements in a short timeframe.
Speedy start to the assignment
FD Solutions responded to calls from the company’s chairman and the company’s audit partner, Andy Viner of BDO Stoy Hayward, by putting forward a two-man team headed by Chris Backhouse to start work alongside the finance team within 24 hours, developing and completing the required reporting package. Having submitted the report on schedule, the FDSolutions team were then available and able to respond to follow up questions from both IFP and the parent company, and provide cover for IFP finance staff.
Chris Backhouse has continued to support the IFP finance team with subsequent reports over a period of a year, reducing the required level of involvement gradually as the company’s finance team has been strengthened and the reporting process streamlined. Chris also assisted by taking on other one-off tasks, such as the development of the company’s annual budget process.