IFRS First time adoption / IFRS Conversion
The conversion to IFRS affects not only the accounting process but also the way in which businesses and day-to-day operations are run and which gives rise to an impact on the profitability of the enterprise.
IFRS conversion will impact internal control, accounting policy, tax provisioning, shared services, financial reporting processes, IT systems, treasury, legal, internal audit & several other functions of
an enterprise. Conversion to IFRS is a major project that will require careful planning, program management & resources with in-depth knowledge of IFRS and how IFRS applies to your specific needs, particularly in view of the tight reporting deadline.
Our experience in other countries shows that the transition/conversion process is at the same time a challenge and an opportunity. Instead of simply reconciling local GAAP to IFRS as topside entries, management will prefer to take a "fresh look" approach towards its accounting principles and financial reporting under IFRS. This will give the opportunity to companies to take full benefit of the transition to improve their organization and overall performance.
As advisor, Mazars can help you through all stages of the IFRS reporting lifecycle including:
- Early diagnosis of major differences;
- Evaluation of the impact of the transition;
- Tailored training of your staff;
- Advise on complex issues (eg financial instruments, business combinations, share-based payments);
- Independent valuations (IAS 40, IFRS 2 or IFRS 3);
- Advise on preparation of Financial Statements in accordance with IFRS (IFRS 1, IAS 1).