International Financial Reporting Standards (IFRS), provides a universal structure to organizations for formulating their financial statements. Simply put, IFRS provides guidance for the preparation of financial statements. Implementing international standards tends to streamline accounting procedures.
Some differences in the core concepts of IFRS arise when they are first implemented around the globe in different countries. Organizations need to assess these differences to successfully design and set the basic financial controls and treatments to deal with the risks linked with the financial reporting process.
This assessment needs to be carried out professionally by experts in the field to ensure all key aspects are considered. Organizations need to evaluate some very vital aspects before moving ahead in the process. Especially in areas like how IFRS will affect the presentation, accounts structure, accounting treatments, and technology. Evaluating the knowledge and ability of the accounting department staff and how they will cope with IFRS changes.
At ECOVIS, we guide our clients throughout the IFRS implementation process in resolving complex accounting treatments and financial transactions. The International Accounting Standards Board (IASB) has recently issued new accounting standards, (IFRS 9) Financial Instruments, (IFRS 15) Revenue from Contracts with Customers, and (IFRS 16) Leases. These new standards brought a different accounting treatment that corporations must apply in the recognition criteria and financial reporting. Our detailed GAP analysis assessment done by our experts can provide a roadmap and identify the areas where the client has to focus on to comply with the new IFRS.
How we can help?
At ECOVIS, we provide our clients the knowledge and the expertise of our professionals that will assist them in compliance with IFRS framework. Our experts have detailed knowledge about IFRS, interpretations and updates issued by the IASB and endorsed by the Saudi Organization for Certified Public Accounting (SOCPA). Following are the key services offered:
→ IFRS Transition
→ Implementation of new IFRS standards
→ IFRS consulting
→ IFRS training