IFRS TRANSITION SERVICES

IFRS Transition Services – Move from GAAP to IFRS Rapidly and Affordably

The IFRS PARTNER product has been designed to help you significantly lessen your requirements for scarce and expensive, external IFRS consulting support. This reduces your costs and improves overall ownership by your team with respect to the transition to IFRS.

Transition ServicesHowever, we also recognize that every organization is different in terms of staffing, resources and experience with respect to IFRS and GAAP considerations and transition issues. To meet your needs every IFRS PARTNER can pick from our various IFRS Transition Service programs that vary from lean to extensive.

Working with our Services team and the IFRS PARTNER product, a motivated and well-organized customer can complete the essentials of their IFRS transition in a timeframe ranging from ten weeks to eighteen weeks.

We are able to help you complete your IFRS transition project with timeframes and costs that are dramatically reduced compared to traditional consulting time and materials engagements. IFRS PARTNER streamlines the whole approach and reduces the fog of transition.

Effective planning eases your IFRS transition

Our two most popular IFRS transition services offerings include:

IFRS Jump Start

Scope: This services package focuses on GAAP-to-IFRS Scoping, Draft IFRS Policies and Impact Assessment

The IFRS Jump Start services package is ideal if:

  • The customer is struggling to balance internal resources to get the project started in a consistent manner, but wishes to maintain strong ownership over the transition project process.
  • The customer wishes to leverage the expertise of the IFRS PARTNER team in assisting on the assessment of the impact of IFRS policy changes on those standards that pose the greatest change.

Key Activities Include:

    • Scoping of GAAP to IFRS differences based on customer financials
      • Delivery of audit committee report highlight major GAAP to IFRS conflicts
    • Develop detailed IFRS transition plan based on Scoping results
      • Includes all detailed tasks to be completed and scheduling of customer staff and the IFRS PARTNER team
    • Evaluation and then formalization of key draft IFRS policies(typically 3 to 4 policies):
      • Build on preformatted IFRS policies drafted in IFRS PARTNER to look at IFRS 1 elections and then finalize draft policies for evaluation and impact assessment purposes
      • Conduct impact assessment on the applicable standards, IFRS 1 elections, and document findings
      • Source required data and calculate financial impacts, as well as other downstream impacts (disclosures, internal controls, business activities, etc).
      • Review findings with CFO, Controller, IFRS Transition Project Manager

Typical Timeframe and Budgeted Hours: Six to ten weeks to complete with budgeted work hours from forty to eight hours.

Getting to your IFRS Opening Transition Balance Sheet

Scope: This services package focuses on GAAP-to-IFRS Scoping, Draft IFRS Policies, Impact Assessment, Management Reporting and then the creation of the Opening IFRS Transition Balance Sheet

This services package is ideal if:

  • The company does not have the internal resources required to get the project progressing in a timely manner.
  • The company wants to be in a position to present the opening transition balance sheet and related documentation to its audit committee and external auditors for review and approval.

Key Activities Include:

    • Scoping of GAAP to IFRS differences based on customer financials
      • Delivery of audit committee report highlight major GAAP to IFRS conflicts
    • Develop detailed IFRS transition plan based on Scoping results
      • Includes all detailed tasks to be completed and scheduling of customer staff and the IFRS PARTNER team
    • Evaluation and then formalization of key draft IFRS policies(typically 3 to 4 policies):
      • Build on preformatted IFRS policies drafted in IFRS PARTNER to look at IFRS 1 elections and then finalize draft policies for evaluation and impact assessment purposes
      • Conduct impact assessment on the applicable standards, IFRS 1 elections, and document findings
      • Source required data and calculate financial impacts, as well as other downstream impacts (disclosures, internal controls, business activities, etc).
      • Review findings with CFO, Controller, IFRS Transition Project Manager
    • Management and Audit Committee Reporting and Opening Transition Balance Sheet 
      • Provide checkpoint review materials for review and feedback/approval from external auditor
      • Review findings and develop presentation for audit committee
      • Audit committee presentation and approvals
      • Formalization of IFRS policies and IFRS 1 elections to be adopted
      • Development of additional change requirements (systems, data, etc) flowing from impacts associated with impact assessment review.
      • Scheduling of required change activities
      • Develop initial pro-forma opening transition GAAP and IFRS balance sheet and supporting IFRS disclosures
    • Ongoing assistance (optional):
      • Development of framework for interim/quarterly financials and GAAP vs. IFRS comparatives
      • Other assistance as required

Typical Timeframe and Budgeted Hours: Eight to twelve weeks to complete with budgeted work hours from 100 to 150 hours.

An Experienced Team of IFRS Professionals

So, let the IFRS experts at Issues Central, Inc. help make your IFRS transition a timely and cost-efficient process. To learn more about how the services team can help you please go to the Contact Us page and get in touch with one of our offices by e-mail or by telephone.