Transition from local GAAP to IFRS poses management with many challenges related to preparing the opening balance sheet at the date of the transition.
Specific disclosures are required in the first IFRS accounts, as well as recognition and/or remeasurement of assets and liabilities, which might have not been recognized under the previous GAAP. Presentation of the various items in the IFRS accounts will also need to change from previous GAAP. You can outsource all of this to our technical group, who will present you with company-tailored first IFRS accounts in compliance with IFRS 1.
We work with clients across the consumer markets, technology, transportation and logistics, industrial manufacturing, engineering and construction and automotive industries to adapt and thrive under the new reporting requirements.
Our IFRS adoption services include:
- Preparation of opening balance and related disclosures under IFRS 1;
- Consultation on the requirements of IFRS 1 tailored for your company;
- Review of opening balance and related disclosures prepared by your company for compliance with IFRS 1.
We offer additional services, including:
More than 30 jurisdictions across Europe require IFRS standards for listed financial institutions or public interest entities (PIEs). Others are on the path to either full acceptance or – at the very least – dual compliance. We can help you be compliant and confident in your numbers.Learn more
In modern capital markets, accounting and financial reporting are becoming increasingly complex. IFRS issues need to be anticipated in advance and resolved timely in order to preserve the value of the business and avoid regulatory sanctions. Let us help with that.Learn more