Converting of non-IFRS companies to IFRS at a separate company level or subsidiaries for group consolidation purposes can feel like an overhaul of your existing accounting policies, but we can help ease and streamline the process. You may be concerned about the impact of a conversion to another reporting standard on your financial statements and business operations, however, we believe that companies should see a conversion to a different reporting standard from a broader perspective than just as a reporting issue for the Finance department.
With our multidisciplinary approach, we can support you in providing insight into how a change in the reporting standard affects your financial statements, and which reporting choices are possible or prescribed. We translate these changes into concrete actions within your business systems, processes, personnel and operational management. We ensure this by supporting you in the conversion process by:
- performing an initial impact analysis, in which the differences between the different accounting frameworks are made clear;
- identifying significant reporting differences and the expected impact on the income statement, equity, management information and KPIs;
- supplying accounting position papers and audit support;
- providing project management advice in the event of a conversion; and
- support in mitigating unintended consequences of a conversion, for example in the field of remuneration, covenants, dividend, etc.
