All Irish main listed companies were required to comply with International Financial Reporting Standards (IFRS) from 1 January 2005. AIM listed companies from 1 January 2007. Companies seeking a listing on either market will be required to prepare their financial track record in accordance with IFRS. Other unlisted companies seeking a trade sale to an IFRS reporter may also seek to report under IFRS. Furthermore, many multi-national corporations have converted the financial statements of their subsidiaries to IFRS.
PwC has a proven track record in helping companies successfully complete the transition to new accounting standards. Our Transition IFRS methodology, to assist with conversions, has been applied to more than 200 conversion projects in the last few years. This methodology, as well as getting the numbers right and guiding companies through operational problems, focuses on effective knowledge transfer to ensure lasting benefits.
PwC can help you prepare for IFRS with the following services:
- Transition IFRS project management tool
- Technical and accounting advice, and support tools
- Learning and change support
- IAS 39, IFRS 7 and financial instruments
- Employee benefits and share compensation scheme
- Business combinations – purchase price allocation
- Valuation and impairment testing
- Tax
- Processes, data and systems
