What is IFRS?
International Financial Reporting Standards (IFRS) are principles-based accounting standards and interpretations set out by the International Accounting Standards Board (IASB).
IFRSs are applied by many countries around the world. The aim of IFRS is to provide a global framework for how listed entities prepare their financial statements.
Worldwide adoption of the standards should improve the quality of financial reporting information. It should benefit users of financial statements, by reducing the costs of comparing alternative investments and improving the quality of financial reporting. It should also benefit companies, as investors are more willing to provide financing.
IFRS is particularly beneficial to large companies that have subsidiaries in different countries. Adopting a single set of global standards simplifies financial reporting, allowing management to use one reporting framework across the whole group.
If this is your situation:
Accounting and reporting
- You need to understand how a transition to IFRS will affect your share price.
- You are unclear how to account for your subsidiaries under the new accounting regime.
- Your management needs help communicating the change to the market.
- Your data collection is inadequate. A reporting package will be required to capture the IFRS information.
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People
- Your finance staff need training to understand the new accounting framework.
- You understand that applying IFRS is more than a technical issue. Your finance, HR, treasury, tax, and IT staff all need training.
- You lack internal resource. There may be competing demands on resources at all levels of your organisation.
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Systems and controls
- You need to understand how a transition to IFRS will affect your share price.
- You are unsure what internal systems changes will be necessary.
- Your existing IT systems may not be able to deal with the new IFRS data requirements. Systems upgrades are required.
- You have identified a need for new controls as additional measures are required to comply with reporting and disclosure requirements.
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How PwC can help
We have a proven track record in helping companies around the world successfully complete the transition to IFRS. Our industry-focused teams are ready to help you solve the accounting, systems and process issues surrounding complex IFRS conversions. Our team includes individuals who have helped previous adopters and who can offer you the full benefit of our experience.
Contact us to find find out how PwC can help you make the transition to IFRS.
Publications library
What are the requirements of IFRS? How does IFRS compare to other accounting frameworks? What do IFRS financial statements look like? See our publications for answers to these and other IFRS implementation questions.
Explore our perspective:

Additional IFRS resources
PwC has a number of useful reference tools to help you understand the standards and manage their implementation
