IFRS Conversion Services | KPMG | SG

IFRS Conversion Services

IFRS Conversion Services

KPMG's IFRS conversion services provides all the support necessary to assist in the transition to the relevant GAAP.

Provide all the support necessary to assist in the transition to the relevant GAAP.

In recent years, demand for GAAP conversion engagements have been driven by the growing number of enterprises reporting under International Financial Reporting Standards (IFRS). KPMG's IFRS Conversion Services offers a structured approach to help clients convert from their current primary accounting standard to IFRS.

Our methodology has been developed from information and experience gained during a large number of successful conversions worldwide. This methodology can be tailored to individual clients' requirements. The advantages include:

  • A standardized, cost-efficient approach that is both flexible and adaptable
  • An internationally developed, practice-tested method
  • Useful tools reflecting best current practice that can be tailored to each client's specifications

Clients can leverage from our significant experience in conversion projects. They can expect us to provide all the support necessary to make the transition to the relevant GAAP.

 

KPMG's Conversion Methodology

Whether you are fully converting to IFRS, or just starting to assess the impact to your existing IFRS or local GAAP reporting, KPMG's Accounting Advisory Services offers clients a well-established and flexible approach. Our conversion methodology groups all activities into four manageable phases.

The initial Assess phase is of great importance; identifying accounting and reporting differences and assessing the IT-systems, process and business impacts. In the Design phase, accounting policies are defined, blueprints for IT-system changes created and training modules are prepared. During the Implement phase, all designed changes should be put into operation and rolled-out. Finally, the Sustain phase ensures that the required changes continue to work effectively in a "business as usual" environment.

KPMG can help you understand how the changes affect your financial statements and will provide advice on making the often complex accounting policy decisions. This includes managing the messages to market on the potential impacts on the bottom line.

Our assistance is scalable and modular – You can engage us to assist throughout the entire project cycle or purely to provide ad hoc technical accounting support.

KPMG understands the wider implication of changes to accounting standards and how it can be a catalyst for Finance Transformation and Business Change. Our professionals are experienced in identifying and advising on the implementation of these additional benefits to maintain the momentum beyond simple compliance.

 

Success stories

Client needs How KPMG helped Outcomes
One of the largest global banks with high prominence in Asia
Assistance in the analysis of financial statements of prospective investee companies reporting under Indian GAAP.

Discussed the major IFRS and Indian GAAP standards.

Discussed differences of the IFRS and Indian GAAP.

Performed an impact assessment on the changes to IFRS for specific companies currently reporting under Indian GAAP.

Provided training on the differences of IFRS and Indian GAAP.

Assessed financial statement impact differences of IFRS and Indian GAAP on specific investee companies.

IFRS Conversion assistance for the Indonesian fund administration division of a large German Bank

As part of their service offering, the bank prepares financial statements for their clients.

Following the adoption of IFRS, the client has to account for financial instruments under PSAK 50 and 55 (equivalent of IAS 32 and 39).

Performed training on and review of effective interest rate calculations.

Reviewed journal entries for products administered by the bank, for compliance with PSAK 55 (IAS 39).

Reviewed financial statements with the adoption of PSAK 50 and 55 (IAS 39 and 32).

Client had a better understanding on application of PSAK 50 and 55 (IAS 39 and 32).

Validated collection of journal entries on various scenarios for multiple financial instrument products under PSAK 50 and 55 (IAS 39 and 32).

IFRS conversion for a Japanese bank
The client is a large Japanese bank who was converting from Japanese GAAP to IFRS.

Reviewed the current accounting policies and assessed the gaps between the IFRS and Japanese GAAP.

Provided them with recommendations on process changes and accounting guidance to comply with IFRS.

Validated client adjustment and transitional amount.

Reviewed financial statement for first year of adoption.

Fully converted consolidated IFRS financial statement for SEC filing purpose in the U.S.

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