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