China

Details

  • Service: Audit
  • Industry: Technology, Media & Telecommunications, Telecommunications
  • Type: Business and industry issue
  • Date: 1/29/2010

Impact of IFRS: Telecoms 

The global adoption of IFRS remains a key accounting topic. Large economies such as Brazil, Canada, India, Mexico and South Korea are now committed to IFRS in the coming years. Japan is permitting the early adoption of IFRS by listed companies for years beginning 1 April 2009 (and requiring adoption for such companies from 2016), and the U.S. is formulating its roadmap for the potential adoption of IFRS. Globalisation of capital markets has created a drive towards a unified, worldwide financial reporting language.

 

Conversion to IFRS from existing local GAAP is more than just an accounting exercise. Executives in the telecoms sector will need an early understanding of the potential ways in which conversion to IFRS may affect not only their accounting policies, but also their people, processes, information systems and controls.

 

Impact of IFRS: Telecoms
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This publication discusses how adoption of IFRS may impact business as a whole including:

• Providing an overview of the IFRS conversion process
• Industry specific Accounting and Reporting issues
• Information technology systems and the processes used to accumulate and report financial information - including thoughts on new or revised IFRS-compliant data, parallel reporting and harmonisation of internal and external reporting
• Business and reporting issues, such as financial covenants and employee incentive plans based in whole or in part on GAAP-reported metrics
• Training both finance and non-finance staff on changes to policies, procedures, and the new foundation for judgments
• Managing communications with the executive team, audit committee, investors, and employees.
 

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