IFRS Conversion

 

Typically each IFRS transition project consists of three phases:

 

Phase 1  ​

 

In Phase 1, the diagnostic stage, we carry out an initial impact analysis and plan the later phases

 

Preliminary Study (“Analysis")

 

  • Define requirement for financial information

  • Draft project timetable

  • Overall project organization

  • Estimate of financial and systems impact

  • Outline work plan

  • Estimate of required resources and costs

 

Phase 2

 

Phase 2 consists of the detailed steps necessary to prepare the first complete IFRS financial statements. These steps are typically grouped into:

 

Project Set-up

  • Confirm roles and responsibilities

  • Set up project management office

  • Create detailed project plan

  • Set up and train project teams

  • Communicate project policies

  • Select champions

 

Component Evaluation and Issues Resolution

  • Prepare component evaluations

  • Impact analysis and decisions on accounting policies

  • Identify new data requirements

  • Identify additional data requirements

  • Identify and resolve accounting treatment issues

 

Financial Statement Preparation

  • Prepare IFRS GAAP adjustments

  • Post adjustments

  • Systems diagnosis

  • Identify and calculate important GAAP differences (including documentation and adjusting journal entry calculation/support)

 

Phase 3

 

In Phase 3, we take the information, issues and solutions gathered, and integrate them into your underlying financial systems and processes.

Integrate Change

 

  • Impact analysis on recurring business

  • Impact analysis on accounting/finance divisions

  • Design and document IFRS GAAP reporting procedure

  • Change plan by business unit

  • Systems design and development

 

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