Thousands of European listed companies are now being affected by the European Commission decree that imposed new International Financial Reporting Standards (IFRS) throughout the EU.
The measures are markedly different from the old standards and are having a far-reaching impact. They are bringing about fundamental changes in the way companies do business. Not only listed companies but more and more non listed multinationals and Belgian subsidiaries that are reporting to their parent companies under IFRS are also affected by these new financial reporting rules. But making the switch to IFRS is not a simple process, and delaying preparations for first-time adoption of IFRS is no longer an option.
Given the wide-ranging impact of IFRS conversion, many organisations may have a significant amount of work to do before issuing their first full IFRS financial statements.
If this is your situation
- You want to facilitate transactions with foreign partners (joint ventures, acquisitions, mergers, divestitures, etc.);
- you want to keep up-to-date on developments in IFRS;
- you have a challenging IFRS accounting question that you cannot resolve in-house;
- you want easier access to capital markets;
- you need to institute harmonised accounting policies;
- you want to improve the quality of internal management information using accounting policies that are more economy-driven;
- you need to consolidate many special purpose entities that were previously off-balance-sheet;
- you have to bring derivatives onto the balance sheet; and,
- you must now alter your investment strategies and risk management policies, and revisit crucial balance sheet management transactions.
How we can help
PwC can help you convert to IAS/IFRS in a cost-effective and efficient way. We can guide you through the implementation process and help you manage the risks inherent in your conversion project. With a proven track-record of successful conversions, our experienced professionals will work with you to create solutions that meet your unique needs.
To begin with we can organise training sessions and workshops on accounting topics and practical implementation issues. Then we can help you adapt your management information systems (review system processes and limitations; design group reporting packages to gather information from subsidiaries; integrate your internal and external reporting requirements), of course PwC can help you to adequately communicating the impact of IAS adoption on key financial ratios to shareholders and analysts.
At PwC we constantly demonstrate our proactive approach in the identification and ultimate resolution of issues and “getting the job done”.
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