GLOBAL ACCOUNTING & ADVISORY SERVICES

IFRS Conversion

 

Typically each IFRS transition project consists of three phases:

 

Phase 1  ​

 

In Phase 1, the diagnostic stage, we carry out an initial impact analysis and plan the later phases

 

Preliminary Study (“Analysis")

 

• Define requirement for financial information

• Draft project timetable

• Overall project organization

• Estimate of financial and systems impact

• Outline work plan

• Estimate of required resources and costs

 

Phase 2

 

Phase 2 consists of the detailed steps necessary to prepare the first complete IFRS financial statements. These steps are typically grouped into:

 

Project Set-up

• Confirm roles and responsibilities

• Set up project management office

• Create detailed project plan

• Set up and train project teams

• Communicate project policies

• Select champions

 

Component Evaluation and Issues Resolution

• Prepare component evaluations

• Impact analysis and decisions on accounting policies

• Identify new data requirements

• Identify additional data requirements

• Identify and resolve accounting treatment issues

 

Financial Statement Preparation

• Prepare IFRS GAAP adjustments

• Post adjustments

• Systems diagnosis

• Identify and calculate important GAAP differences (including documentation and adjusting journal entry calculation/support)

 

Phase 3

 

In Phase 3, we take the information, issues and solutions gathered, and integrate them into your underlying financial systems and processes.

Integrate Change

 

• Impact analysis on recurring business

• Impact analysis on accounting/finance divisions

• Design and document IFRS GAAP reporting procedure

• Change plan by business unit

• Systems design and development