Whether you are converting to IFRS for the first time, or just starting to assess the impact of changes to your existing IFRS or local GAAP standards, KPMG’s Accounting Advisory Services offers our firms’ clients a well established and flexible approach. Our methodology to adopt accounting change groups all activities into four manageable phases.
The initial Assess phase is of great importance, identifying accounting & 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 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 advise you on making the sometimes complex accounting policy decisions, including helping you manage the messages to the market on the potential impacts to the bottom line.
Our assistance is scalable and modular, whether we’re engaged to assist throughout the entire project cycle or, at the other end of the spectrum, purely to provide ad hoc technical accounting support.
- “KFiRST – Translating Accounting Principles into Real Actions”. Our web-based tool is designed to provide an excellent vehicle to better manage the impacts arising from changes in accounting standards, particularly to share information across complex, multigeographic entities. An off-line tool is also available.
- KPMG’s blended training solutions, such as IFRS e-learning and classroom training equips your company with the essential accounting skills to understand the changes to the standards.