Outsourced IFRS specialist - a practical guide for growing businesses navigating global reporting standards
As your business grows, working with an outsourced IFRS specialist can make navigating complex international reporting standards easier and more efficient. Whether you’re preparing IFRS-compliant financial statements or managing cross-border compliance, this expertise supports SMEs and scale-ups in meeting global financial requirements confidently.
That’s where partnering with an outsourced IFRS specialist can add real value. Not as a vendor selling services, but as a trusted advisor who helps you meet reporting obligations while supporting your growth strategy.
In this guide, we explore:
What an outsourced IFRS specialist does
Why IFRS matters for SMEs and scale-ups
Common IFRS challenges and how to overcome them
When outsourcing IFRS expertise makes sense
What to look for in an outsourced partner
Let’s dive in.
Why IFRS matters in today’s business landscape
IFRS has become the financial reporting framework of choice for over 140 countries. These standards allow businesses, investors, and regulators to compare financial statements easily across borders.
For SMEs and scale-ups, IFRS reporting can open doors to:
Global investment opportunities
Cross-border partnerships
Listings on international stock exchanges
However, IFRS compliance is about more than technical accounting. It reflects how your business tells its financial story – one that inspires confidence in investors and partners alike.
What does an outsourced IFRS specialist do?
An outsourced IFRS specialist brings deep knowledge of international reporting standards into your business – on demand. Instead of hiring full-time in-house specialists, you gain access to external expertise tailored to your needs.
Key responsibilities of an IFRS specialist may include:
An outsourced IFRS specialist prepares IFRS-compliant financial statements
They convert financials from local GAAP to IFRS
Advising on the accounting treatment of complex transactions
Supporting group consolidation under IFRS
Helping interpret new or updated IFRS standards
Providing IFRS training for your internal team
The right outsourced IFRS specialist becomes an extension of your finance team, offering practical solutions without the cost of a full-time hire.
Common IFRS challenges businesses face
Applying IFRS is rarely straightforward. Even experienced finance teams can find themselves wrestling with these common challenges:
1. Judgement calls in complex areas
For example, IFRS 16 (leases) or IFRS 15 (revenue recognition) often require careful interpretation. How you apply these standards can significantly affect your reported numbers.
2. Keeping up with changes
IFRS standards evolve. Staying on top of updates – and understanding how they impact your financials – can be difficult alongside day-to-day operations.
3. Balancing compliance and commercial objectives
Reporting requirements shouldn’t slow down your business. Yet finding that balance between accuracy, timeliness, and strategic goals can be tricky.
An outsourced IFRS specialist helps navigate these issues, offering clarity where internal resources may be stretched.
When does outsourcing IFRS expertise make sense?
Outsourcing IFRS support isn’t about handing over responsibility. It’s about accessing niche expertise when it matters most.
You might consider an outsourced IFRS specialist if:
You’re preparing for a funding round or IPO
Expanding into new jurisdictions
You need to convert from local GAAP to IFRS
Managing a merger, acquisition, or restructuring
Needing to consolidate group accounts for the first time
Your internal team needs additional support during reporting season
Outsourced IFRS specialists provide flexibility – scaling their involvement up or down depending on your needs.
Benefits of engaging an outsourced IFRS specialist
Partnering with an outsourced IFRS specialist brings several advantages:
✅ Access to current expertise – They stay updated on changes to IFRS standards so you don’t have to.
✅ Cost-effective support – You pay for what you need, without the overhead of permanent staff.
✅ Flexible capacity – Get additional help during peak periods without long-term commitments.
✅ Objective advice – External specialists offer fresh perspectives, helping you make informed decisions.
How to choose the right outsourced IFRS specialist
Not all IFRS consultants are the same. When selecting a partner, consider:
🔹 Relevant experience
Have they worked with businesses similar in size, structure, and industry to yours?
🔹 Clear communication
Do they explain complex concepts in understandable language?
🔹 Regional and sector knowledge
Do they understand the local standards you’re transitioning from, as well as your commercial context?
🔹 Flexible engagement options
Can they tailor their service to suit both short-term projects and long-term partnerships?
Best practices when working with an outsourced IFRS specialist
👉 Be clear on scope – Define what you need help with (e.g. conversion, statements, advisory).
👉 Maintain ownership – Remember, external support should strengthen your team, not replace it.
👉 Set communication rhythms – Regular check-ins keep projects on track and avoid surprises.
👉 Use their expertise for upskilling – Ask your specialist to help develop your team’s understanding of IFRS.
A real-world example: IFRS conversion during global expansion
Consider a scale-up tech firm expanding from South Africa into Europe. The business needs to shift from SA GAAP to IFRS to satisfy investor and regulatory requirements.
By engaging an outsourced IFRS specialist, the company is able to:
Identify key differences in accounting treatments
Rework their statements for investor presentations
Meet compliance deadlines without diverting internal resources
This external support helps the firm focus on its expansion plans, confident that its reporting meets international standards.
Why IFRS expertise is a strategic asset
Getting IFRS right isn’t about compliance for its own sake. It’s about telling your financial story with clarity, precision, and credibility.
An outsourced IFRS specialist gives your business the tools to meet global standards while staying focused on growth. Whether you’re raising capital, expanding internationally, or restructuring, having external IFRS expertise at the table can make a critical difference.
Ready to strengthen your financial reporting?
If your business is preparing for its next growth phase, partnering with an outsourced IFRS specialist can provide the clarity and confidence you need. Whether you’re navigating GAAP conversion, preparing for a funding round, or managing complex group reporting, external expertise can help you meet global standards while staying focused on what matters most – growing your business.
👉 Get in touch today to explore how our outsourced IFRS support can fit into your strategy.
Frequently asked questions:
The timeline varies depending on your company’s size, structure, and complexity. A small business with straightforward accounts might complete conversion in a few weeks, while a larger group with multiple subsidiaries could take several months. Early scoping and clear planning with your outsourced IFRS specialist help keep projects on track.
Yes – in fact, it’s common for outsourced IFRS specialists to collaborate closely with external auditors. They help prepare accurate, well-supported statements that make the audit process smoother and reduce the risk of delays or adjustments.
It depends on your business needs. Some companies engage a specialist for a specific project (such as a GAAP to IFRS conversion), while others retain ongoing support for quarterly or annual reporting, group consolidations, or keeping up with IFRS updates.
No, outsourcing is about enhancing your team’s capability, not replacing internal ownership. A good outsourced IFRS specialist works collaboratively, providing expertise while ensuring your business stays in control of decisions and final outputs.
When selecting a partner, ask about their experience in your sector and request examples of similar projects they’ve handled. Industry knowledge ensures the advice you receive is not only technically accurate but also commercially relevant to your business context.
