Converting to IFRS
Moving from one accounting framework to another is a big step. There’s a lot to consider for a successful conversion to IFRS, and we suggest you start planning well in advance.
Companies in the early stages of conversion should consider:
- The effect the new standards will have on specialised and complex areas such as tax, pensions and financial instruments
- The accounting issues specific to your industry
- How the standards will impact reported performance measures and profits
- Whether you have enough people with the right skills to complete the transition and embed the changes within your company?
- How confident management is that all decisions taken are best for the business and; what wider business opportunities are presented by conversion to IFRS.
How we can help
Whether you are considering a conversion to IFRS or are committed to making the change, we can help.
Our conversion specialists bring technical, training, communications and change management expertise to the project – reflecting the complexity of the task at hand. And while a lot of the issues are common across all businesses, some impact more on certain industries so we’ll make sure our industry specialists are involved. We have technical accounting, treasury, tax, human resource, M&A valuations and project management specialists to scope out and assist with your company’s conversion to IFRS.
We can provide:
- Project management support and set up
- Technical accounting advice
- Development of learning and change strategies
- Evaluation of processes, data requirements, controls and systems
- Assessment of taxation including the tax implications of IFRS adjustments and options
- Assessment of impact on key performance indicators and remuneration schemes
- Maximise business opportunities including streamlining of interdependent projects
Contact us to find out how we can help with your IFRS conversion.