IFRS services

View this page in: Magyar

Financial reporting in all over the world is being influenced by International Financial Reporting Standards (IFRS). IFRS reporting considerations are already impacting business decisions. Numerous countries including Canada, India, Japan, Korea and the United Kingdom are in the middle of the process of IFRS adoption. Understanding IFRS and its implications is a business imperative for Hungarian companies. In particular for companies whose owners are in a transitional country, since they may be requested to report financial data according to IFRS in a very short period of time. Take advantage of the resources that PwC has developed to increase your knowledge.

Accounting and reporting

  • You need to understand how a transition to IFRS will affect your financial statements
  • You are unclear how to account for your transactions under IFRS
  • Your management needs help in preparation of first IFRS financial statements
  • Your data collection is inadequate. A reporting package will be required to capture the IFRS information.

 

People

  • Your finance staff need training to understand IFRS.
  • 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 to solve IFRS issues.

 

Systems and controls

  • You need to understand how a transition to IFRS will affect your accounitng system.
  • Your existing IT systems may not be able to deal with IFRS. New system implementation is required.
  • You need to implement new controls to comply with reporting and disclosure requirements.

 

How PwC can help you?

  1. Design / review of appropriate accounting policies
  2. Advice on applying accounting policies
  3. Assess quantitative and qualitative impact of changes to accounting policies
  4. Expert opinions on specific IFRS / US GAAP issues
  5. Support in the preparation of the first IFRS financial statements
  6. Impact assessment of IFRS adoption
  7. Business process and system implications for IFRS implementation
  8. Support during the implementation and interpretation of IFRS – new standards & revisions
  9. IFRS practices – industry benchmarking & surveys