System preparation for transition to IFRS

System preparation for transition to IFRS

IFRS impact and gap analysis for IT systems and specification of the required changes.

IFRS impact and gap analysis for IT systems and specification of the required changes.

International Financial Reporting Standards' (IFRS) adoption is mandatory for many companies, either because of regulation or group requirements.

KPMG professionals help clients to identify and prepare for changes in accounting standards which will impact their IT systems as well. We support our clients in understanding how changes in the standards affect their IT architecture. We review clients' IT applications and architecture, identify and analyze gaps and assist them in preparing a roadmap for the transition process.

IFRS conversion may require changes in the client’s data warehouse, accounting and reporting systems. According to results of the analysis we assist in deciding whether a new IT system should be implemented or if the existing system should be modified or re-configured. After this determination we develop a specification and, as we are familiar with most IFRS systems on the market, we can assist in vendor selection as necessary, or we can implement the changes in some systems.

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