As the world moves towards global accounting standards, many companies must deal with the issues raised by the need to convert their financial reporting systems to comply with International Financial Reporting Standards (IFRS). The complexities of converting to IFRS pose a considerable drain on time and resources for any financial department, requiring potentially hundreds of hours of work to deal effectively with all matters arising.
Using specialist teams, our member firms can provide training and assistance, managing the complete conversion process for their non-audit clients, ensuring that they have the resource they need, for the period that they need it.
Our members offer a four-stage process for clients requiring IFRS conversion, including:
- Preliminary fact assessment
- Detailed planning
- Post-implementation review.
Whether it is describing the differences in reconciliations of published accounts or providing a clear audit trail for boards and auditors, our members' conversion tools and proven methodology can ensure a smooth and painless transition to IFRS.