Implementation of financial reporting standards is challenging, but when planned and managed properly, the conversion can bring substantial improvements in the performance of the finance function, streamline the statutory financial reporting process globally, enhance controls, and reduce costs.
Implementing IFRS has an impact on all aspects of a company, including financial reporting systems, internal controls, taxes, treasury, management compensation, cash management, and legal, among others. It requires a transformation that involves employees, processes, and systems. Our IFRS specialists can assist your conversion to IFRS by providing the appropriate resources, knowledge and practical support in the following areas:
Accounting and Reporting:
- Development of New IFRS Accounting Policies and Procedures.
- Gap Analysis between Information Required and Currently Available.
- Consideration of Impact on Statutory Reporting and Tax Accounting.
Systems and Processes:
- Identification of Changes Required to Source Systems.
- Understanding the Impact on Other Strategic Initiatives in Your Company (e.g. Quality Close, Enterprise Resource Planning (ERP) and other system integration and upgrade initiatives).
- Understanding Steps to Support Parallel Reporting (i.e. Local Accounting Principles, Management Reporting, IFRS).
- Understanding the Financial and Business Impacts of IFRS Conversion
- Determination of Possible Actions to Mitigate the Volatility of Results Under IFRS.
- Informational Support at all Levels in the Business.
- Training and Coaching Support, Including IFRS Theory, Practical Implication of IFRS Transformation and Consolidation.