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IFRS 

International Financial Reporting Standards (IFRS) are constantly evolving and place ever increasing demands on companies' financial reporting.

What is it about?

 

IFRS are developing dynamically, questioning even basic principles of revenue recognition, leasing contracts and financial instruments: tried and tested accounting requirements are replaced with new regulations, which bring along a range of implementation and application questions.

What are your challenges?

  • Build-up and refreshment of IFRS knowledge
  • Introduction of new and revised accounting requirements
  • Structuring and reporting of transactions (financing, business combinations including questions on valuations, discontinued operations or testing assets for impairment)
  • IFRS training tailored to your needs
  • Conversion to a new accounting framework (IFRS or Swiss GAAP FER)
  • Planning of an initial public offering (IPO)
  • Preparation of proforma or carve-out financial statements
  • Developing of accounting manuals, charts of accounts, accounting policies and disclosures

How can KPMG support you?

KPMG's IFRS team is a group of committed subject matter experts with in-depth experience. We understand the challenges your industry is facing and support you with our practical experience to facilitate the implementation and application of IFRS or assist your company's transition to IFRS or any other accounting framework.

We will work as your partner in time-sensitive projects assessing and analyzing proposed transactions’ accounting and reporting impact. KPMG helps you develop appropriate accounting policies and we prepare together with you, the financial reporting including specific disclosures.

We actively monitor developments in international accounting and reporting and keep you informed at all times about the potential business impacts these changes will have on your company. We also offer training sessions tailored to your needs, taking into account your industry’s specific requirements and your company’s situation. Our trainers consider the application of accounting requirements in real life and enrich trainings with practical and industry-specific examples and insights.

What is the impact on your top line resulting from the new IFRS revenue standard?

 

For users of financial statements, revenue is a key measure for assessing the performance of an entity. The International Accounting Standards Board has published IFRS 15 “Revenue from Contracts with Customers” on 28 May 2014 as the new standard on revenue recognition. IFRS 15 will be effective from 2017. We expect that IFRS 15 will impact practically all IFRS preparers with regard to accounting and/or disclosures of revenues. In order to provide you with an accessible overview and to facilitate your initial assessment, KPMG prepared the following publications:

 

Thomas Schmid

Thomas Schmid

Partner, Head of IFRS Group in International Accounting and Reporting

+41 58 249 62 54

Thomas Wicki

Thomas Wicki

Director

+41 58 249 62 58

IFRS - Keep up-to-date!

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IFRS for Financial Services

The KPMG IFRS Financial Services Group is a dedicated team of professionals with profound financial services experience.