A still growing number of European companies are affected by the obligation to use International Financial Reporting Standards (IFRS) throughout the EU. This need to report under IFRS is not limited to listed companies. More and more non listed multinationals, subsidiaries and investment schemes are subject to complying with IFRS.

IFRS are continually evolving and require experienced resources to face additional burden and new layers of complexity.The reports and certificates issued by the auditors performing these checks are generally intended for a limited number of third parties (a public authority or a bank, for example).

As opposed to the “rule-book” approaches of many traditional GAAP, IFRS approach is often considered to be “principle-based”. Clearly defined principles provide many advantages as the ability for the preparers to consider the best way to account for and report a transaction and an increased comparability among companies. On the other hand, disadvantages include potential variations on accounting approaches for the same transaction and need to provide additional disclosures in response to such a principle-based approach.

Your challenges

As an executive of the company you would like to:

  • Assess impact on converting to IFRS on first time adoption
  • Measure the impact of new and amended IFRS standards on the financial position and the performance of your company
  • Be timely informed on any changes to IFRS and of their impact on your organization
  • Have IFRS accounting policies in place
  • Obtain support to test impairment and valuing assets and liabilities requiring fair value measurement
  • Determine purchase price allocation in case of business combinations
  • Make balanced, proportionate and clear disclosures while preparing IFRS financial statements
  • Ensure that all relevant personnel are trained and knowledgeable

Meeting your needs

Based on key information agreed in advance and made available to us, we are able to provide you with IFRS compliant quarterly and annual financial statements with a full audit trail.  We help you efficiently and effectively prepare for the year-end by providing guidance, support and models. We can partner up with you to answer all IFRS related questions and work as an independent liaison between you and your auditors when it comes to IFRS positions, decisions and working papers.

We help clients organize their audit binders in order to have seamless and less expensive audit.

Acertis IFRS Desk’s scope of services includes:

  • Conducting detailed IFRS impact assessments
  • Preparing IFRS compliant financial statements using well-advanced techniques to gather/ analyse the input data
  • Helping companies understand the implications of accounting changes and the challenges that adoption of new reporting standards brings to their business
  • Assisting first-time adopters in implementing IFRS
  • Providing advice and recommendations on IFRS accounting policy choices
  • Documenting accounting policies
  • Preparing IFRS accounting policies manuals
  • Regularly updating on the changes to IFRS
  • Providing technical guidance on the way a specific transaction must be taken into consideration
  • Designing group reporting packages to gather information from subsidiaries
  • Assisting in performing impairment testing
  • Reviewing impairment tests prepared in-house by the management
  • Assisting in completing GAAP reconciliations (i.e. IFRS to US GAAP)
  • Organization of customized training

Our IFRS and US GAAP technical advisory teams are comprised of highly experienced professionals who are recognised in the financial services industry.  Our team brings strong and varied professional experience to the issues (under IFRS and US GAAP) that affect your business and transactions.