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As International Financial Reporting Standards (IFRS) gains precedence as the de facto framework for statutory and financial reporting globally, businesses not already using IFRS must begin the transition to IFRS. Even while the adoption date for mandatory compliance with IFRS is still several years away for many countries, the transition must begin soon as requirements call for two years of financial reports prior to full adoption. As the US and other countries move away from GAAP and other standards based reporting frameworks, and in turn adopt IFRS and its more judgment based methodology, companies must assess their readiness for this transition, develop training plans, adjust policies, and plan for adoption.
OPI’s Statutory Accounting Consulting and Advisory services are designed to assist companies in this transition to IFRS. Our professionals, who are Certified Public Accountants, Chartered Accountants, or the local equivalent, can assess the impact that IFRS will have on client financial statements, and assist in development of the necessary new documentation, training, and change management activities. While we customize the diagnostic for each client’s particular business, some of the common areas of review include revenue recognition, lease arrangements, fair valuation, depreciation, component accounting, capitalization policy, hedge accounting, treatment of investment properties, special purpose entities, goodwill, and IFRS disclosure requirements.
For our finance and accounting outsourcing clients, we also can work to implement the new procedures and policies into our joint processes. This not only involves a full diagnostic of required changes and future state designs, wide-scale training, and the development of change management communications, however, with implementation, we also work to test-run financials, produce opening balance sheets, and restate comparatives.
OPI’s Statutory Accounting IFRS Transition services include:
Diagnostic
- Determine key accounting differences and tax issues
- Identify quantitative and qualitative business impact
- Assess training needs
Design and Planning
- Build policies and financial statements
- Determine future state
- Update process and policy documentation
Implementation
- Deployment across business functions
- Test-run financials
- Produce opening balance sheets
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Restatements
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> For more information, download the OPI IFRS Transition flyer.
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