IFRS Reporting

Starting in 2008, all listed companies in Israel have to report under IFRS. 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: getting through the IFRS conversion process is a real challenge. 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.

 

If this is your situation

• You want to know the impact 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 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 Israel can help you

PwC Israel 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, and M&A valuations 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