Consultancy
Turning a must and a cost into an opportunity!
IFRS, (International Financial Reporting Standards) which started so innocently more than 30 years ago, has by now become the global financial language. No coincidence that it was conceived and is still being formulated in English!
IFRS is inevitable for any firm trying to establish international relationships, be it raising finance – equity or debt - , seeking overseas supplier relationships, looking to broaden its customer base, or trying to impress or overtake competition.
IFRS has been obligatory for companies listed on a European Union Stock Exchange since 2005. It is now used in more than 100 countries around the globe, including the major financial markets. Adoption in the United States is now a matter of when, not if.
Introducing IFRS in a company means major change, almost upheaval for the accounting staff as well as for operational management. However, this change can actually be very positive if managed properly and carefully.
How can we help?
We have several years’ experience in setting up and managing parallel information systems, which satisfy both corporate management and statutory reporting requirements. We can help you in:
- Choosing the right reporting format to suit your needs
- Identifying appropriate IFRS accounting policies
- Setting up the necessary ledger accounts
- Training your colleagues
- Selling IFRS to the Boss
In short, making IFRS work for you!
What are the major steps required in IFRS conversion?
- Understanding IFRS and how it will change reporting
- Reviewing business transactions and how to categorise them under IFRS
- Setting up the required accounts and ledgers
- Identifying systems requirements and making the necessary changes
- Drafting IFRS accounting policies and implementing them
- Company-wide application and monitoring
Please do not hesitate to contact us to discuss your individual requirements.