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Enhancing Corporate Governance

IFRS Conversion

IFRS Timely Convergence
A change in accounting standards is virtually inevitable in the U.S. and companies should be embarking on their initiatives to achieve timely convergence with IFRS. Based on the experience of other countries, conversion is a significant endeavor and an early start can make a difference.

Advantages to early conversion to IFRS

• Simplified reporting
• Reduced operating costs
• Greater transparency
• Comparability for investors
• Improved access to capital

Are you still not sure who to turn to? Give the IFRS experts at Vonya Global a call.

International Financial Reporting Standards (IFRS)

IFRS implementation has enterprise wide application – with implications beyond finance and financial reporting – reaching and affecting all parts of the business. It requires modification of processes and systems to support the new accounting and reporting requirements.

We help companies that are contemplating IFRS or are in the process of adopting IFRS with services such as:

• Gap analysis between the information and activities needed under GAAP versus IFRS to determine the high-level process changes required to support conversion to IFRS
• Completing an impact assessment and a pilot rollout that will look at the detail information required for IFRS reporting
• Completing an organization readiness assessment that will determine whether a company meets the strict eligibility criteria for early IFRS adoption and guidance on how it should proceed if it does
• Evaluating organization-wide Data Collection processes, Consolidation processes, Financial Reporting processes, or Chart of Accounts
• Assessing and revising financial policies and procedures
• Creating a project plan, including budgets, timelines, resources and conversion road map.

IFRS has an impact on internal controls which will have significant Sarbanes-Oxley Compliance implications. Please click here for more information on IFRS SOX implication.

For additional information on IFRS, visit the IFRS website (www.ifrs.org).