We recognize that while IFRS is led by accounting and reporting requirements, the result will only be successful if all ancillary elements are integrated into the IFRS transition. For example, the requirement under IAS 16 to identify components of assets (i.e. principle of componentisation) for depreciation purposes needs to be supported by changes in the processes and systems used to gather this information and the related internal control in place over the new processes.
Our IFRS team will:
- Provide advice and recommendations to client management as they undertake to assess internal control, including disclosure controls, relating to matters arising from the implementation of IFRS
- Review and provide commentary on management’s proposal for changes to systems, processes or procedures
- Perform testing of changes to systems, processes and procedures and provide fact-based reporting to management including general recommendations
- Design or develop internal controls, processes or procedures on behalf of client management
- Assist management with the conversion or implementation of new IT systems or similar processes which will be used to generate financial information, financial statements or footnotes
- Assist management with the remediation of any material weaknesses or significant deficiencies identified by management during IFRS implementation