IFRS Implementation in Developing Economies:
IFRS implementation has an impact on all aspects of an organization including Financial Reporting systems, Internal Controls, Taxes, Treasury Management, Compensation Benefits, Cash Management and others. IFRS implementation process requires a transformation that involves Employees, Processes and Management Information Systems and complete implementation is highly driven by the effective collaboration of these functions.
Our IFRS specialists will assist your conversion to IFRS by providing the appropriate resources, knowledge and practical support to the client. Our IFRS implementation checklist comprises of the following elements:
- Accounting and Reporting: Development of New IFRS Accounting Policies and Procedures;
- Systems and Processes: Identification of Changes Required to Source Systems;
- Business: Understanding the Financial and Business Impacts of IFRS Conversion; and
- People: Informational Support at all Levels in the Business.
Services for implementation support include:
With the experience of our experts, we can help apply the relevant IFRS guidance in the company\’s financial reporting. Our mission is to keep ourselves up to date also on the ever-changing IFRS regulations.
- Assistance with implementation of a new standard
- Set-up of appropriate reporting
- Disclosure of the impact of the new standard
- Review of the current settings
- Assessment of the current contracts in relation to the new standard
- Development of accounting policies in relation to the new standard
- Set-up of the new accounting processes, reporting and disclosures
- Audit assistance
Our approach toward the IFRS Implementation involves the following:
- Analyze the impact of IFRS on the business including statutory reporting, tax implication, and functional & business processes.
- Evaluate the impact on financial systems
- Assess the magnitude of change on the organization
- Convert to IFRS at the consolidated and/or statutory reporting level.
- Design IFRS accounting, reporting, consolidation and reconciliation processes and controls
- Develop change management strategy and revised operating model
- Deploy IFRS accounting, reporting, consolidation and reconciliation processes and controls
- Continue monitoring and application of the changing standards environment
- Facilitate knowledge transfer for ongoing IFRS reporting