Many countries across the world require business entities and companies operating in their jurisdiction to compile their general purpose financial statements in accordance with International Financial Reporting Standards (IFRS). All signs suggest that the United States will soon follow.

Experience in many parts of the world suggests that projects involving conversion from local GAAP to IFRS take considerable time and resources. At the same time, every conversion project provides a one time opportunity to comprehensively re-assess financial reporting and adopt a fresh approach to framing financial policies and processes. Such an approach recognizes that major accounting and reporting changes may have a ripple effect impacting many aspects of a business organization. Adopting IFRS is likely to affect key performance matrices, requiring proper communication to employees and other stakeholders. Internally, IFRS may have a profound impact on companies’ infrastructure including process, systems, controls, remuneration packages and even customer contracts and interactions. The process of conversion requires robust change management initiated and championed by top management.

Our team will stand at the vanguard of IFRS conversion developments providing guidance and assistance by conducting workshops for senior management and operational personnel to create awareness, understand business and carry out impact analysis, evaluate alternatives, assist in convergence.