PwC’s TransitionIFRS Methodology is a robust and tested framework that has an inherent flexibility, enabling us to adapt it to work most effectively within your organization. This framework acts as a springboard from which you can launch and control your conversion project, accessing the support and guidance you need as the implementation progresses. Our IFRS conversion methodology is executed through PwC’s proprietary web-based portal. Used jointly by PwC and client team members, this tool is our project management and global communication tool for IFRS conversion projects.
Typically each IFRS transition project consists of three phases:
In Phase 1, the diagnostic stage, we carry out an initial impact analysis and plan the later phases.
Preliminary Study (“Diagnostic”)
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, component evaluation and issues resolution, and financial statement preparation.
Component Evaluation and Issues Resolution
Financial Statement Preparation
In Phase 3, we take the information, issues and solutions gathered, and integrate them into your underlying financial systems and processes.