IFRS Conversion Services
IFRS stands for International Financial Reporting Standards. They are the set of accounting orders developed by the International Accounting Standards Board that will becoming the global standard for the financial statement of the public company.
By adopting IFRS a business can present its financial statements on the same basis alike the foreign competitors which will be helpful to compare the financials easily. Further the companies with subsidiaries in other countries or adopt IFRS are required to use one accounting language globally.
Companies also need to comply with IFRS requirement if they are subsidiary of a foreign company or if they have a foreign investor which reports under IFRS.
IFRS Conversion Services are to be Managed in Phases and Work Streams. The IFRS Phases Include:
- Assessment phase
- Identifying accounting and reporting differences and assessing their impact on IT systems
- Processes and the solution to manage the business
- The Accounting Phase includes:
- Whether the accounting policies are defined or not
- Whether the blueprints for IT system change are created
- Whether the training modules are prepared or not
- The Final phase includes whether all the changes designed must be implemented and rolled out
Our team of professionals practitioners in IFRS who are technically competent as well as skill advisors who are having high level of technical knowledge necessary for providing IFRS advisory services which enables them to manage the project very effectively.
We also Provide IFRS Advisory Services as below:
Global documentation also includes worldwide management and support which helps the multinational organizations which includes-
- Design Budgetary Control system.
- Determine measure for effective capital utilization.
- Assist the management how to effectively and productively use the working capital.
- Review the financial planning and policies to effectively utilize the resources.
- Prepare the feasibility study report for new projects and expansions.
By Taking Our IFRS Advisory Services the Business can Get the Following Benefits:
- Enhance competition in the global market
- Facilitate source of capital globally
- Reducing financial statement reporting efforts which will reduce the overall cost
- Stimulate and simply the process which will set a benchmark for improvement