Over the years, accounting standards have become increasingly complex and have undergone substantial changes in line with the adoption of International Financial Reporting Standards (“IFRS”) by all listed companies in EU member countries and many other countries from 2005. For countries such as Singapore, there is an urgent need to harmonise our local GAAP and catch up with the latest developments in the IFRS framework. In view of the global nature of financial service institutions and their participation in international capital markets, such entities’ financial accounting must meet global standards.
Complying with IFRS changes 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. Financial services institutions will also need to understand the impact of the IFRS changes to its valuation and impairment basis, tax and regulatory reporting.
How PricewaterhouseCoopers can help you
PricewaterhouseCoopers 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, valuations and project management specialists.
Our methodology has been applied to a number of 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.