Conversion experience in Europe, as well as Asia and Australia, shows that conversion projects often take more time and resources than anticipated. Historically, that has led some companies to rush
and risk mistakes or outsource more work than necessary, driving up costs and hindering the embedding of IFRS knowledge within the company.
At the same time, conversion brings a one-time opportunity to comprehensively reassess financial reporting and take "a clean sheet of paper" approach to financial policies and processes. Such an approach recognizes that major accounting and reporting changes may have a ripple effect impacting many aspects of a company's organization.This implementation guide is intended to jumpstart strategic thinking about an IFRS conversion..
It provides an outline for a suggested IFRS conversion approach, highlighting objectives, timelines, key considerations, and insights. It is not a comprehensive "how-to" manual, because each company will proceed according to its own unique needs.
Rather, its intent is to provide a framework for understanding the scope of the conversion process, encourage strategic thinking, and help companies identify where they may need more information, resources or experience.
This publication is part of our "IFRS readiness series" and is intended to accompany Preparing your first IFRS financial statements: Adopting IFRS.
For hard copies of this publication, please contact your PwC engagement team, or use the contact us form.
