Doing the work in the assessment phase well the first time is essential—it creates the blueprint for the subsequent design and implementation phases. In the assessment phase, you identify accounting and reporting differences and assess their impact on IT systems, processes, and the way to manage business. The design phase is the time for defining accounting policies, planning IT system changes, and preparing training modules. In the final phase, all designed changes must be implemented and rolled out.
KPMG offers our clients:
- A standardized, cost-efficient approach that is both flexible and adaptable
- An internationally developed, practice-tested methodology
- Useful tools tailored for IFRS implementation
Our IFRS conversion teams include internationally trained professionals knowledgeable in IFRS and Canadian GAAP, and skilled in both converting to IFRS and integrating the financial reporting processes and controls.
The experience and extensive resources of our conversion services teams can provide benefits to enterprises of all sizes and partial or full-scope conversion projects.
The conversion to IFRS is a large change management project, but with careful planning and by starting early, the end goal of “IFRS—business as usual” is definitely achievable.