Are you ready?

These questions highlight issues across your organisation and gauge progress to date. To receive a confidential assessment you can click to submit your details at the end.
Reported earnings
The adoption of IFRS could have a big impact on reported earnings. If so, this will need to be carefully managed with the investment community and analysts and you should also ensure that investor relations functions are will briefed.
Have you considered the need for shareholder communications?
Action required Action completed n/a
Industry specific impact?
IFRS affects different sectors according to differing business arrangements and practices which operate in discrete markets.
Have you discussed these with your board and advisors?
Action required Action completed n/a
Can your systems cope?
Accounting and other systems have to give the information to prepare compliant financial statements, plus any non-financial data to present a more complete view of performance and prospects. This includes effective controls and processes.
Have existing processes and systems been reviewed to check whether they can cope?
Action required Action completed n/a
Acquisitions
The financial condition and the value of acquisition targets may change as a result of IFRS. Also your post-acquisition earnings may be impacted by changes to the treatment of goodwill and intangible assets.
Have you assessed how future acquisitions will be impacted by IFRS?
Action required Action completed n/a
Remuneration and share options
The impact on reported results may mean that profit and other financial targets are no longer appropriate and benefits packages may be altered.
Have you reviewed what impact this has and do you have a plan to address it?
Action required Action completed n/a
Tax implications on the conversion to IFRS
The move to IFRS will result in a fundamental change in the framework of how Thai companies calculate pre-tax income and the principles to account for income taxes in the financial statements. Both cash taxes currently paid and the tax expense shown in the financial statements will be impacted. The pre-tax income (revenue recognition and expense accrual) and other financial reporting concepts of IFRS have a significant number of tax method of accounting considerations. Are you aware that approval the Revenue Department will likely be required for adoption for tax purposes? Additionally, the concept of deferred tax accounting is new to most Thai companies and can be extremely complex.New processes and procedures will be needed to capture and report the information needed for deferred taxes. In short, IFRS will have implications on Thai taxes, tax planning, and transfer pricing determinations. In addition, the processes, controls and systems for tax reporting and compliance will require to be updated according to the underlying accounting systems under IFRS.
Have you reviewed the tax implications on the conversion to IFRS for your company and prepared a plan to effectively manage them?
Action required Action completed n/a
Resourcing issues
The challenge is to keep up and understand the detail. Ensuring that you have the right people with the skills to manage the process is critical. Your systems are only as good as the people using them. Untrained individuals could present a threat to the preparations of IFRS accounts.
Have you considered your resource requirements?
Action required Action completed n/a

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IFRS impact assessment

Thank you for for completing this survey. Your answers to the questions suggest you are facing challenges in the following areas
  Action Required
The holistic impact of conversion to IFRS
Industry specific concerns
Investor relations and communication
Systems, controls and information
Mergers and acquisitions
Share options and management compensation
Human resources and training issues
Tax implications
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For a personal assessment and further information submit your contact details to our IFRS conversion specialists.

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