Over 150 countries will have adopted International Financial Reporting Standards (IFRS) by the end of 2011. In many of the others, IFRS reporting considerations are already impacting business decisions. IFRS may significantly affect any number of a company’s day-to-day operations and can have a major impact on the volatility and reported profitability of the business. Conversion is much more than a technical accounting issue.
If this is your situation
You need to understand how the standards are likely to impact on your industry or the changes affecting specific areas such as financial instruments and hedging.
You want to know the impact on reported performance measures and whether your profit is likely to be more volatile.
You need to ensure you have enough people with the right skills to complete the transition and embed the changes within the company.
You are unsure of the additional data you are required to collect, whether your systems are able to capture it or if your controls are adequate.
You want to ensure that all decisions are the best for the business and that any wider business opportunities are considered as part of this exercise.
How PwC can help you
PwC has a proven track record in helping companies successfully understand, complete the transition to, and work day-to-day with new accounting standards. Our Transition IFRS methodology, to assist with conversions, has been applied to several hundred conversion projects in the last few years. This methodology, as well as getting the numbers right and guiding companies through operational problems, focuses on effective knowledge transfer to ensure lasting benefits.
Our conversion specialists bring technical, training, communications and change management expertise to the project – reflecting the complexity of the task at hand. And while a lot of the issues are common across all businesses, some impact more on certain sectors so we’ll make sure our industry specialists are involved. We have technical accounting, treasury, tax, human resource, M&A valuations and project management specialists to scope out and assist with your company’s conversion to IFRS.