Our IFRS consultancy includes setting up and maintaining an efficient, accurate and compliant International Financial Reporting Standards (IFRS) reporting system, preparing financial statements in IFRS and providing ongoing IFRS advisory support.
Companies who are preparing their financial statements in IFRS – or plan to do so. Compliance with IFRS accounting standards, interpretations and principles is no longer the privileged obligation of multinationals – an increasing number of medium sized companies is also affected. Companies preparing IFRS financial statements may be more attractive to foreign investors as potential risks and exposures are more visible (and thus more easily managed) in standard, internationally accepted reports.
We provide support in setting up and monitoring accounting systems that allow efficient and compliance IFRS reporting. We also prepare our clients’ IFRS financial statements and assist them as IFRS consultants. In addition to the standardized external reports, the internal reports usually require data retroactively. Efficient report-management requires professional support with access to the IFRS literature and company-specific insight - and not only in the high seasons of planning, budgeting and closing.
Advantages of our IFRS consultancy services include:
up-to-date expertise with access to the effective IFRS legislation and literature, including the country-specific interpretations and practices;
professional answers focusing on practical aspects and relevance;
explanation of inter-company reporting instructions and requirements;
more reliable, more accurate reports, financial and tax calculations;
duly prepared and accurate IFRS financial statements.
consulting on implementing an IFRS reporting scheme;
Compilation of IFRS report packages;
preparation or revision of the IFRS accounting policy and supplementary notes in line with the effective standards;
alignment of the local and the IFRS chart of accounts, support during mapping;
support in answering ad hoc IFRS related questions;
consulting in relation to the IFRS accounting of complex transactions;
identification of GAAP differences, taking into account industry-specific characteristics, too;
preparation of annual, periodic, individual or consolidated IFRS reports;
conversion of HU GAAP financial statements into IFRS financial statements;
determining reporting and valuation methods for various balance sheet items;
calculation of deferred taxes;
support during IFRS audits.
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