IFRS: Tools and Methodology

Working with the right tools in the right manner is essential to a successful GAAP conversion project that meets our clients’ objectives.




Tools and Methodology

Through over 10 years of successful GAAP conversions across Europe, Asia and the US, PwC has developed and honed a leading practice methodology which can serve as a basis for you to consider and tailor in developing an approach to your own unique conversion process, positioning you to address your specific needs.



Features of PwC's methodology
  • Implemented by a broad network of experienced conversion specialists
  • Considers the broader impact on the business — accounting policies, people, financial reporting, tax and other business processes and systems, stakeholder management, statutory reporting and communications
  • Used in more than 1,300 company accounting conversion projects
  • Scalable and responsive to the unique complexities of each client’s business
  • Establishes clear objectives with the client in the planning stage

GAAP Accelerator®

Implementing large-scale accounting related events can often feel overwhelmingly complex. That’s why PwC has created an innovative new technology platform to help bring ease and clarity to the process by delivering our tested methodologies directly to your desktop.

Enabling geographically dispersed teams to communicate, collaborate, and share knowledge effectively during an accounting change project, the GAAP Accelerator® offers a structured approach to identifying and analyzing accounting changes and provides a documentation trail for a streamlined conversion process.

The GAAP Accelerator® is a web-based solution, developed using Microsoft SharePoint®, which is live and accessible at all times, from any location, with an easy-to-use collaborative setup. So no matter how large or small the team or how scattered around the globe, the Accelerator provides the opportunity to streamline workflow in a single, secure place.

PwC has developed a suite of tools using the Accelerator platform: GAAP conversion, leasing convergence, IPO readiness, divestitures, with more to come. The Accelerator can help you manage whatever complex accounting change comes your way.

Benefits

  • Web-based, globally accessible framework
  • Enables effective management of accounting change
  • Web-based automated surveys and related analysis
  • Secure, organized document repository
  • Assigned workflow for every task and issue (preparer, reviewer(s), approvers, etc.)
  • Completely customizable: sensitive or confidential information can be viewed only by those who are approved
  • Standard design across suite of tools
  • Library of additional PwC resources and tools
  • Calendars, blogs, discussion forums
  • Real-time dashboard reporting provides insight into team and individual progress, increasing accountability for results
  • Leads your company and external advisors through a project by embedding PwC’s proven methodologies
  • Global consistency

GAAP Accelerator® capabilities

  • Methodical approach: a step-by-step process that leverages years of PwC experience to confidently guide you through accounting change assessments
  • Comprehensiveness: the GAAP Accelerator® also includes a library of relevant and proprietary PwC resources for you to reference as needed along the way
  • Efficiency: the Web-based solution is accessible from anywhere, and its collaborative set-up allows tasks to be securely assigned so multiple users can work simultaneously without worrying about reconciliation or improper disclosure of information
    • Component Evaluation development: financial statement account level assessments are performed using the Component Evaluation tool. The platform aids in assigning resources, due dates and priorities for the completion of the assessment and links issued identified in the assessment and conversion process. Component evaluations form the primary final output from the platform
    • Issue management: provides a reporting mechanism of issues identified, assign responsible resources, dues dates, priorities, and link to detailed technical issue papers as required
    • Project document management: maintains all electronic files related to a project, regardless of document type (MS Word, Excel, pdf, etc.) in a central repository during the project designed for easy and timely access. Provides document version control through check in/ check out capabilities. Maintains standard templates for use across teams to ensure consistency
    • Dashboard reporting: multiple dashboards are available for ease in viewing document status and issue resolution progress by executive sponsors and project members. All information stored in the platform can be displayed graphically in the aggregate or by individual teams
  • Integration: the GAAP Accelerator® will live within your company’s server, giving you ownership of both the process, the inputs and outputs
  • Familiarity: because the GAAP Accelerator® is built on Microsoft SharePoint®, the user experience is intuitive and doesn’t require a long lead time to be productive
  • Customizability: PwC will work with you to tailor the workflow and content to fit the project at hand

Data gathering made easy

The GAAP Accelerator® also serves as a central repository for information. For example, many companies are now looking to gather leasing data and related contracts on a global basis. The GAAP Accelerator® serves as a communication mechanism to request decentralized data with specific instructions, aggregating leasing information across territories.

Use of the web-based platform is provided as part of PwC services and is not provided on a standalone basis.