Converting to IFRS

In our experience, it is clear that the earlier a company puts its transitional framework in place, the higher its chances of achieving successful conversion.

To help companies navigate the crucial early stages of IFRS conversion, PricewaterhouseCoopers' IFRS specialists have developed the Transitional IFRS Methodology. This is a framework that is both robust enough to drive relevant internal projects, and flexible enough to interact with external stakeholders.

Companies in the early stages of conversion should consider the following:

• What effect will the standards have on specialised and complex areas such as tax, pensions, and financial hedging and instruments?
• What are the issues specific to my industry?
• How will the standards impact reported performance measures and profits?
• Does the company have enough people with the right skills to complete the transition and embed the changes within the company?
• Are executives confident that all decisions taken are best for the business and that any wider business opportunities are considered as part of this exercise?

PwC has a proven track record of helping companies successfully complete the transition to the new accounting standards. Our Transitional IFRS Methodology has been developed to assist with the conversion process, and has been applied to more than 200 conversion projects. Our specialists also bring technical, training, communications and change management expertise to the project – reflecting the complexity of the task at hand.