IFRS implementation 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. IFRS implementation process requires a transformation that involves employees, processes, and systems. Our IFRS specialists will assist your conversion to IFRS by providing the appropriate resources, knowledge and practical support. Our IFRS implementation checklist comprises of the following elements:
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).
Business
- Understanding the Financial and Business Impacts of IFRS Conversion
- Determination of Possible Actions to Mitigate the Volatility of Results Under IFRS.
People
- Informational Support at all Levels in the Business
- Training and Coaching Support with regards to IFRS implementation guidelines including IFRS Theory, Practical Implication of IFRS Transformation and Consolidation.