The breadth and depth of PricewaterhouseCoopers’ involvement in supporting conversion to IFRS are illustrated by three projects PricewaterhouseCoopers Russia (PwC) is undertaking to help the country prepare for IFRS adoption. The first project involves working with the Ministry of Finance in Russia to develop new Russian Accounting Standards that will be closer to IFRS. The medium-term aim, once the accounting profession and users in Russia have fully absorbed the concepts, is to adopt IFRS fully. The second project, with the Central Bank of Russia, is aimed at giving the bank’s supervisors a full understanding of IFRS ahead of implementation of the international standards and at developing off-site supervision reports for commercial banks in preparation for the introduction of IFRS. Both of these major projects are funded by the European Union. The third project involves IFRS training for the Central Bank and commercial banks in Russia. Altogether we expect to train more than 5,000 bank accountants and senior bankers as part of this project. Between them, these three projects will help prepare Russia to adopt IFRS by 2006 or 2007. They will also make a significant contribution to the development of a market economy via more-transparent financial reporting based on the same accounting standards used throughout Europe.
If this is your situation
- You want to know the impact of IFRS transition on reported performance measures and whether your profit is likely to be more volatile
- You need to ensure you have enough people with the right skills to complete the transition to IFRS and embed the necessary changes within the company
- You are unsure of the additional data you are required to collect, whether your systems are able to capture that data, or if your controls are adequate
- You need to understand the changes affecting financial hedging and instruments, pensions, and tax as well as how the standards are likely to impact your industry
- You want to assess the tax implications of moving to IFRS
- You want to optimise all decisions related to IFRS conversion and ensure that any wider business opportunities are considered.
How PwC can help you
PwC has a proven track record in helping companies successfully complete the transition to new accounting standards. Reflecting the complexity of the task at hand, we have a range of specialists to assist your company's conversion to IFRS, including: technical accounting, treasury, tax, human resource, M&A valuations and project management specialists. (For audit clients subject to the provisions of the US Sarbanes-Oxley Act, non-audit services, including tax services can be provided by the auditor as long as the services have been pre-approved by the audit committee.)
- Objective evaluation of project processes, controls, and deliverables
- TransitionIFRS project management tool
- Training and coaching support
- Advice on adapting processes, data, and systems for IFRS
- Technical accounting advice and support tools
- IAS 39 and financial instruments
- Employee benefits and share compensation programs
- Purchase price allocation related to business combinations
- Valuation and impairment testing
- Tax
