IFRS

Companies face the challenge of ongoing compliance with, interpretation and implementation of new standards, amendments and interpretations that are issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee.

Key new standards include:

• IFRS 1 - First-time adoption of International Financial Reporting Standards: an entity transitioning to IFRS Standards for the first time must compile a full set of financial statements encompassing its inaugural IFRS reporting period along with the preceding year;
• IFRS 3 - Business combinations: Provide clear and consistent guidelines for accounting for business combinations, to enable users of the financial statements to understand the impact of these  transactions on the financial position of the combined entity;
• IFRS 9 - Financial Instruments: Determines how to classify and measure financial assets, financial liabilities and certain contracts for the purchase or sale of non-financial items;
• IFRS 15 - Revenue from Contracts with Customers: which provides guidance on the recognition of  revenue from contracts with customers;
• IFRS 16 - Leases;
• IFRS 17 - Modifies the accounting treatment of insurance contracts and investment contracts for insurers by providing for more uniform accounting.

These new standards not only affect IFRS reporters, but in addition, those subsidiaries of listed and/or international companies who might need to report in IFRS for group reporting.

Leveraging our extensive expertise, we offer tailored guidance to a diverse clientele, spanning listed entities, companies preparing for a flotation and Luxembourg subsidiaries of listed companies. 
Our advisory services encompass ongoing compliance with IFRS, assessment of the forthcoming  standards' impact, and assistance with transitioning to a new reporting framework. Additionally,  we provide insights into best practices for financial statement disclosures to ensure comprehensive and transparent financial reporting.

For companies considering converting to IFRS, we can help you to:

• Assess the implications that different reporting framework options will mean for your company;
• Conduct framework consideration assessments;
• Conduct detailed impact assessments;
• Provide project management services for transition;
• Prepare and/or review financial statements for compliance;
• Prepare and/or review accounting policies and manuals and group reporting requirements; and
• Provide and/or explain the detailed requirements of disclosure checklists.

For companies already applying IFRS, we can help you to interpret and apply new standards, amendments and interpretations, including:

• Implementing the classification and measurement and hedge accounting requirements of IFRS 9;
• Conducting impact assessments and contract reviews under IFRS 15, IFRS 16 and IFRS 17; and
• Proactively advising on the impact of other forthcoming standards, amendments and interpretations.

For businesses that are already implementing IFRS, our expertise extends to aiding you in understanding and implementing new standards, amendments, and interpretations. We offer comprehensive support in navigating the complexities of evolving regulatory frameworks, ensuring that your financial reporting remains accurate, compliant, and aligned with industry best practices. With our tailored guidance, you can confidently adapt to changes in financial accounting standards and effectively meet the evolving demands of the regulatory landscape. We can help you with: 

• Implementing the classification and measurement and hedge accounting requirements of IFRS 9;
• Conducting impact assessments and contract reviews under IFRS 15, IFRS 16 and IFRS 17; and
• Proactively advising on the impact of other forthcoming standards, amendments and interpretations.

Similarly, we extend our services to offer technical counsel on any of these matters, along with customized training programs designed to meet the specific needs of your board, finance team, and other relevant departments. Our tailored training courses are crafted to equip your team with the knowledge and skills required to effectively navigate complex accounting standards and regulatory changes. With our expert guidance and personalized approach, your organization can confidently address challenges and stay abreast of evolving industry requirements.