KPMG's IFRS Conversion Services offers a structured approach to help our firms' clients convert from their current primary accounting standard to IFRS
IFRS Conversion Services
With experienced practitioners sharing a common approach, KPMG can provide consistent, yet tailored, services for complex clients around the world. KPMG has recently rolled out a Global Conversion Services (GCS) Methodology and Toolkit — which is updated annually
IFRS conversions should be managed in phases and work streams. The assessment phase is one of the many important phases, identifying accounting and reporting differences and assessing their impact on IT-systems, processes and the way to manage business. In the design phase, accounting policies are defined, blueprints for IT-system changes created and training modules prepared. In the final phase, all designed changes must be implemented and rolled-out.
IFRS Conversion Services offers clients:
Practitioners in IFRS conversion projects are technically competent as well as being skilled advisors. They therefore balance the high level of technical accounting knowledge necessary for an IFRS conversion with the advisory skills which help the practitioner to manage their conversion project most effectively.
Our professionals have sound financial reporting knowledge and industry experience; they work in IFRS conversion projects across many industries. With a prospective focus on the impacts of accounting rules, options and implementation, teams can design/engineer accounting and financial reporting processes while advising clients from a management perspective.
The nature of IFRS conversions is that many of our clients may never have done this conversion before and are unlikely to do it again. Our clients can leverage from our significant experience in conversion projects. They expect an advisor to provide all the support necessary in assisting them make the transition to IFRS as smoothly and effectively as possible.
Successful conversion engagements have many potential benefits for our firm’s clients’ business including: