IFRS Info

PricewaterhouseCoopers has extensive experience in assisting Czech and multinational companies with the transfer of their accounting systems over to International Financial Reporting Standards (IFRS) and also with the auditing of the financial statements prepared in accordance with IFRS. Our specialists from the technical group are experienced in dealing with IFRS matters. They have numerous opportunities to cooperate with the colleagues from offices outside the Czech Republic, which enables them to exchange different views and gather the most up to date information about developments in IFRS. We are able to provide practical solutions during IFRS implementation, or directly assist teams at our clients in order to ensure effective preparation of the financial statements in accordance with IFRS or, possibly make the transition process to IFRS easier.

Offer of services

Our IFRS specialists can assists you with, among other things, the following matters:
Accounting consultancy services*

• Assistance with preparation of the financial statements in accordance with IFRS
• Selecting accounting policies with respect to making decisions between the alternative treatments allowed
• Decisions about initial recognition and measurement in accordance with IFRS, in specific situations
• Identification of additional information needed for compliance with disclosures required by IFRS
• Set up or amendments of IFRS charts of accounts
• Proposals or reviews of transfer bridges between charts of accounts for the purpose of compliance with different individual accounting frameworks or with Czech tax legislation
• IFRS trainings of the employees
• Designing group reporting forms and group reporting instructions in relation to collection of relevant information from individual divisions or subsidiaries
• Proposals of amendments to existing information systems
• Converting of internal management accounts to IFRS

Audit

• Audit of the financial statements and consolidated financial statements prepared in accordance with IFRS as adopted by the EU
• Audit of the group reporting forms prepared for the consolidation purposes of the parent company in accordance with group accounting manual based on IFRS.

*) Note.:  Consultancy services for our audit clients are provided so as to comply with independence rules defined in Ethical code of IFAC and Chamber of auditors of the Czech Republic. The scope of the above-listed services may be restricted for our audit clients.