In response to the recent business and economic environment evolutions and changes, the IASB, in the recent years, issued a number of new International Financial Reporting Standards and in some instances, amendments to existing standards.
Some of the international financial reporting standards that the IASB issued were IFRS 17 ‘Insurance Contracts’, IFRS 16 ‘Leases’, IFRS 15 ‘Revenue from Contracts with Customers’, IFRS 9 ‘Financial Instruments’.
Given the complexity of those standards and their broader impact on organisations, entities are seeking more and more assistance from external consultants.
We, in Capital Markets & Accounting Advisory Services (CMAAS), assist our clients in addressing all the challenges in a systematic and effective manner.
This minimises disruption in our clients’ operations and also facilitates them to get the relevant implementation projects right the first time.
Following a fully successful implementation of an IFRS, entities need to also continuously make sure that they are complying with those standards which can become cumbersome if they are not accompanied by the appropriate business partner.
We help companies to successfully complete the transition to IFRS Framework or a particular IFRS, as appropriate. We have a range of specialists to assist you on the effective transition methodology, technical accounting expertise, treasury, tax, human resource, M&A, valuations and project management.
Major new standards for financial instruments, revenue recognition and leasing present significant challenges to preparers of financial statements.
