IFRS Reporting

In 2005, all listed companies in EU member countries—and in many other countries—made the switch to International Financial Reporting Standards (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: 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.

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 can PricewaterhouseCoopers Turkey 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, 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.

• Objective evaluation of project processes, controls, and deliverables
• TransitionIFRS project management tool
• Training and coaching support
• Technical accounting advice and support tools
• IAS 39 and financial instruments
• Employee benefits and share compensation programs