International Financial Reporting Standards (IFRS)

Due to complexity of International Financial Reporting Standards the process is far from being simple. Therefore companies that undertake this transition need to start their preparations well ahead of time.

PwC has recognised for some time that using the IFRS framework can dramatically improve the quality of financial reporting and boost international investor confidence. To assist companies in implementing the change, we have developed a simple but effective methodology that enables us to work in close conjunction with them throughout the transition period. Coupled with our IFRS expertise, this project management methodology offers a cost-effective and efficient means of converting to IFRS. Making the change to IFRS provides a range of advantages, both internally and externally.

How PwC can help you

• Implementation of IFRS to ensure that the transition is as smooth and cost effective as possible
• Preparation of IFRS financial statements and assistance in the implementation of amended standards
• Selection of accounting principles, and advice on the possibility of selecting alternative solutions
• Identification of additional information that is necessary in order to comply with IFRS disclosure requirements, developing or amending internal chart of accounts for compliance with IFRS
• IFRS training for relevant staff
• Designing new, intra-company statements and instructions on information to be gathered from divisions or subsidiaries
• Adjustments to existing information systems and conversation of intra-company

Your benefits

Converting to IFRS means much more than simply a change in accounting rules – it entails a change process for the entire organisation. The benefits that this can bring include:

• improved financial communication
• better transactions with foreign partners
• easy access to capital markets
• simplified comparisons with foreign competitors
• harmonised accounting policies
• better quality of internal management information, using accounting policies that are more economy-driven