The conversion to IFRS affects the entire organization, going well beyond the finance and accounting functions. PwC professionals examine your organization’s processes and controls using our tried and tested TransitionIFRS Methodology framework and will recommend and implement changes to ensure not only a smoother transition to IFRS, but a more efficient business structure going forward.
The data, process, systems and controls requirements for implementing IFRS are integrated within the framework to ensure that the IFRS conversion process is sufficiently controlled and properly embedded within the organization. Here is an overview of the key areas of data, process, systems and controls requirements at each phase of the IFRS conversion.
In the first phase, we conduct an assessment to determine what impact the conversion process will have on your organization's processes, systems and controls.
Preliminary Study ("Diagnostic")
During this phase, we conduct the actual conversion to IFRS and prepare your first financial statements under the new standards.
Component Evaluation and Issues Resolution
Prepare Financial Statements
During this phase, we help your organization embed the principles of IFRS into your organization, including making any needed changes to your processes, systems and controls.