Changes in IFRS

Entities reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations. The resulting changes range from significant amendments of fundamental principles to some minor changes. They will affect different areas of accounting, such as recognition, measurement, presentation, and disclosure. Some of the changes have implications that go beyond matters of accounting, also potentially impacting the information systems of many entities. Furthermore, the changes may impact business decisions. The challenge for preparers is to gain an understanding of what lies ahead.

We provide the 5 steps strategy of IFRS implementation.

1. Analysis of Gaps between IFRS and previous GAAP.
2. Presenting the impact of IFRS
3. Incorporation of changes in Financials
4. Training to employees
5.  Integration of IFRS into day to day activities.

A carefully planned approach to reduce stress and anxiety and encourages companies to adopt changes in public listed organizations.