IFRS services
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Challenges
Financial Sector Professionals market, like the banking sector in Luxembourg and more widely in Europe, is facing IFRS challenges on 3 levels:
- Since 2005, consolidated accounts of groups whose shares are admitted to a European regulated market have to present their financial statements applying IFRS. This requirement may imply for the subsidiaries to report their contribution to the group under IFRS.
- IFRS was introduced into the local Luxembourg commercial law as an alternative to the current Luxembourg accounting principles.
- Where the Luxembourg commercial law does not require or specify an accounting principle, guidance is taken from the best practices used in foreign accounting GAAP, including IFRS.
In parallel, accounting teams have to face shortened deadlines and the management of multi-GAAPs accounting is a supplementary difficulty. For this reason, Financial Sector Professionals have the choice to elect IFRS accounting system and financial statement to rationalise the reporting standards used.
Migrating to IFRS implies a high involvement of the management and some additional technical knowledge in regards to specific requirements for accounting or disclosures purposes.
Deloitte services offering
The IFRS Centre of Excellence of Deloitte Luxembourg provides a range of tools to help you in this transition phase. Our experienced and specialised team is composed of experts by industry and by standards. The aim of our IFRS consulting services is to provide an adapted service in order to accompany you through the transition to IFRS.
Our dedicated IFRS team has unmatched experience providing specific and adapted IFRS trainings to Financial Sector Professionals and financial institutions in general. The team included subject matter specialists in the areas of accounting, tax, regulatory capital, processes, controls and systems. Our services proposal includes amongst other:
Hotline and specialised standards studies
Upon request, we can assist companies management in its assessment of the application of IFRS and providing advice and recommendations on IFRS accounting policy choices. We can also provide written analysis on the appropriate application or interpretation of IFRS to a specific transaction.
Customised trainings (from introduction to advanced)
Members of the IFRS technical team, and in particular the team involved in the impact analysis, are at your disposal to provide trainings on specific topics which your company would identify for accounting, finance or other staff people. We provide IFRS-relevant skill sets of IFRS trainings (statutory accounting and reporting, financial instruments, pensions, income tax, leasing, business combinations, revenue recognition, share based payment, etc.).
Objective of customised trainings may also be to present new requirements following the application of new IFRS standards, including case studies and examples in order to illustrate all the impacts linked.
Gap analysis
For your IFRS conversion, we propose an assessment of impact on converting to IFRS. Our assistance could include:
- Quantifying the impact of the key IFRS to LuxGAAP differences identified
- Preparing a pro-forma IFRS balance sheet and income statement
- Identifying additional footnote disclosure requirements and summarising impact on internal reporting structure to obtain required data
- Identifying the key impacts of adopting IFRS on your company’s regulatory capital, taxation positions and legal obligations
- Identifying any changes required to your company's systems architecture, processes and key controls
Preparation of IFRS reporting or financial statements
We may assist you in preparing IFRS reporting or in establishing IFRS financial statements as well as designing group reporting packages to gather information from subsidiaries or branches (within the independence rules).
Experienced people that will be leveraged and providing tools that will be used as accelerators in this project are:
- IFRS model financial statements, checklists, and questionnaire;
- Deloitte guides to individual IASs and IFRSs ;
- IAS Plus (IFRS specialised web site);
- IFRS impact assessment toolkit (including check lists, workshop presentation material, etc.);
- Implication within global and local working groups (IASB, EFRAG, ABBL, IRE, CNC);
- Regulatory updates for Luxembourg;
- Access to Deloitte IFRS Centre of Excellence
These services can be embedded in a global solution including the involvement of our tax consulting department for tax plan with the fiscal administration, our IT consulting department in case of IT development or migration, and/or our actuarial department in relation with pension plan analyses.
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