IFRS Consulting
Companies are required to comply with International Financial Reporting Standards(IFRS) issued by IASB are required to converge and required to report IFRS financial statement. Convergence to IFRS is not just an accounting exercise, but has enterprise wide impact. Beginning with the presentation of the financial statements, classification of the information in the statements, interpretation of international accounting standard and its treatment, to the way business is run on a day-to-day basis, IFRS would have a significant impact on the entire enterprise.
At Tax Solutions International, we have Subject Matter Experts in IFRS, and core F&A business processes, thus making us a cost-effective end-to-end IFRS implementation partner.
Our Methodology
We start the pilot with Internal Education. This will be training sessions to Key Stakeholders including Finance and non -finance departments. By the end of this initiative, the management will be able to make potential judgments on the basics of the accounting differences and the challenges for convergence their organization should gear up to both in terms of Functional and Technological.
We develop a convergence strategy evaluating possible scenarios and submit a gap analysis of the existing system and the impact on business. We will also advice you to the extent to which you need to do restructuring not only to your accounting standards but the underlying edifice of going to the transaction level changes.
Transitioning from Local Standards to IFRS requires enterprise wide technical, strategic, and operational changes
We suggest a multi phased approach.
Gap & Impact Analysis: - Our approach
- Assess gaps in comparison with IFRS requirements
- Assessment of impact of changes that is required for IFRS compliance
- High level overview submitted to the management with key issues and their impact. This study would also enable the company to decide which option to choose
- There are options and exemptions given in IFRS first time implementation
Training Teaming Transition
Tax Solutions International facilitates knowledge transfer through:
- Training.
- Job specific IFRS training will be imparted across multiple levels of the company.
- Teaming.
- By collaborative working together will help minimize the learning curve.
- Transition.
- Through a systematic, controlled process utilizing available sources and proper documentation