The efforts by the IASB and FASB to converge accounting requirements across a number of key topics has driven significant changes in both IFRS and US GAAP. These accounting changes in IFRS and US GAAP over a prolonged period of time have impacted the way companies conduct business, and how they track, measure and report various transactions and events.
New standards such as IFRS 17 Insurance shall bring about changes which are transformational in nature and may impact the entire organisation (systems, processes, controls, record keeping, performance measurement and results, communication).
Our Corporate Accounting Advisory Services practice is well positioned to help you implement new accounting standards. We can provide timely advice on the impacts of accounting changes, assist you in the development of an implementation roadmap and conduct technical training sessions to equip your team with the knowledge to navigate new standards successfully.
Our teams understand that the pace of these changes is swift, the volume is significant, and it can be hard to keep up with all the requirements and potential impacts. Our team will work with you to understand the potential implications of the anticipated accounting changes and the potential business decisions that may be necessary. Our cross functional teams can provide insight into the impact on general control environment, systems and processes, and business integration.
