India

IFRS Conversion Services 

With experienced  practitioners sharing a common approach, KPMG can provide consistent, yet  tailored, services for complex clients around the world. KPMG has recently  rolled out a Global Conversion Services (GCS) Methodology and  Toolkit — which is updated annually
 
IFRS conversions should  be managed in phases and work streams. The assessment phase is one of the many important phases, identifying accounting and reporting differences and  assessing their impact on IT-systems, processes and the way to manage business.  In the design phase, accounting policies are defined, blueprints for IT-system  changes created and training modules prepared. In the final phase, all designed  changes must be implemented and rolled-out.

IFRS Conversion Services  offers clients:

 

  • A standardized, cost-efficient approach that is both flexible and adaptable
  • An internationally developed, practice-tested method
  • Useful tools tailored for IFRS implementation. 
Practitioners in IFRS conversion projects are technically  competent as well as being skilled advisors. They therefore balance the high  level of technical accounting knowledge necessary for an IFRS conversion with  the advisory skills which help the practitioner to manage their conversion  project most effectively. 

Our professionals have  sound financial reporting knowledge and industry experience; they work in IFRS  conversion projects across many industries. With a prospective focus on the  impacts of accounting rules, options and implementation, teams can  design/engineer accounting and financial reporting processes while advising  clients from a management perspective.
 
The nature of IFRS conversions  is that many of our clients may never have done this conversion before  and are unlikely to do it again. Our clients can leverage from our significant  experience in conversion projects. They expect an advisor to provide all the  support necessary in assisting them make the transition to IFRS as smoothly and  effectively as possible.

Successful conversion  engagements have many potential benefits for our firm’s clients’ business  including:

 

  • Enhancing competitiveness in a global market
  • Facilitating the sourcing of capital on a global scale
  • Potentially reducing financial reporting efforts and related costs
  • Stimulating and simplifying benchmarking.