IFRS Implementation

IFRS Implementation Services

The global shift towards the International Financial Reporting Standards (IFRS) as a unified set of accounting standards is accelerating. The adoption of IFRS brings about increased comparability and heightened transparency in financial reporting.

An increasing number of corporations are embracing IFRS as their primary accounting framework or for parallel reporting, either voluntarily or due to regulatory mandates.

The implementation of IFRS permeates all facets of a corporation, including but not limited to financial reporting systems, internal controls, taxation, treasury, executive compensation, cash management, and legal.

Our team of IFRS specialists is equipped to facilitate your transition to IFRS by providing the necessary resources, expertise, and hands-on support in the following domains:

  • Formulation of new IFRS-compliant accounting policies and procedures.
  • Conducting a gap analysis between the required and currently available information.
  • Evaluating the impact on statutory reporting and tax accounting.
  • Identifying necessary modifications to source systems.
  • Comprehending the financial and business implications of IFRS conversion
  • Determining potential measures to mitigate volatility of results under IFRS
  • Understanding the steps to support parallel reporting (i.e., Country-Specific Accounting Principles, management reporting, IFRS)
  • Providing training and coaching support, encompassing IFRS theory, practical implications of IFRS transformation, and consolidation

Broadly, IFRS implementation services involve the comprehensive process of transitioning a company’s accounting standards from its current framework to IFRS. This transition not only includes the technical aspects of changing accounting policies and procedures but also involves managing the impacts on various business operations. The goal is to ensure a smooth transition that minimizes disruptions and maximizes the benefits of adopting a globally recognized accounting standard.