Our approach

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TransitionIFRS Methodology

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:

Phase 1

In Phase 1, the diagnostic stage, we carry out an initial impact analysis and plan the later phases.

Preliminary Study (“Diagnostic”)

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, component evaluation and issues resolution, and financial statement preparation.

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)