Conversions IFRS

Thousands of European companies are now being affected by the European Commission decree that imposed new International Financial Reporting Standards throughout the EU. The measures—referred to as IFRS and enacted in January, 2005 by the International Accounting Standards Board (IASB)—are markedly different from the old standards and are having a far-reaching impact. They are bringing about fundamental changes in the way companies do business. But, making the switch to IAS/IFRS is not a simple process, and delaying preparations for first-time adoption of IFRS is no longer an option. Given the wide-ranging impact of IFRS conversion, even organisations with well established transition projects may still have a significant amount of work to do before issuing their first full IFRS financial statements.

If this is your situation:

• You want to facilitate transactions with foreign partners (joint ventures, acquisitions, mergers, divestitures, etc.);
• you want to keep up-to-date on developments in IFRS;
• you have a challenging IFRS accounting question that you cannot resolve in-house;
• you want easier access to capital markets;
• you need to institute harmonised accounting policies;
• you want to improve the quality of internal management information using accounting policies that are more economy-driven;
• you need to consolidate many special purpose entities that were previously off-balance-sheet;
• you have to bring derivatives onto the balance sheet; and,
• you must now alter your investment strategies and risk management policies, and revisit crucial balance sheet management transactions.