In 2005, the vast majority of EU listed companies—and in many other countries—made the switch to IFRS. For IFRS adoption by country/territory, please follow this link
. The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it's been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations or even impact the reported profitability of the business itself.
Whether you are considering a conversion to IFRS, are committed to making the change, or are already an IFRS reporter, PwC can help you. IFRS presents challenges at all stages of the IFRS conversion lifecycle. Many challenges are unique to your industry or country.
PwC has a proven track record in helping companies successfully complete the transition to new accounting standards and assists clients around the world to provide accurate and meaningful IFRS financial reports. Reflecting the complexity of the task at hand, we have a range of specialists to guide you through all stages of the IFRS reporting lifecycle and 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.) Our TransitionIFRS methodology
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.