In 2005, all listed companies in EU member countries—and in many other countries—made the switch to International Financial Reporting Standards (IFRS). The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it's been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations or even impact the reported profitability of the business itself.
PwC has a proven track record in helping companies successfully complete the transition to new accounting standards. Reflecting the complexity of the task at hand, we have a range of specialists to assist your company's conversion to IFRS, including: technical accounting, treasury, tax, human resource, M&A valuations and project management specialists. (For audit clients subject to the provisions of the US Sarbanes-Oxley Act, non-audit services, including tax services can be provided by the auditor as long as the services have been pre-approved by the audit committee.) Our TransitionIFRS methodology has been applied to more than 200 conversion projects in the last few years. This methodology, as well as getting the numbers right and guiding companies through operational problems, focuses on effective knowledge transfer to ensure lasting benefits.