The efforts by the IASB and FASB to converge accounting requirements across a number of key topics is driving significant changes in both IFRS and US GAAP. These forthcoming accounting changes in IFRS and US GAAP over a prolonged period of time could impact the way companies conduct business and track, measure and report various transactions and interests. The volume and significance of the topics currently under deliberation has the potential to result in a period of unprecedented change, and the implementation of these accounting changes throughout an organization may require significant time and resources. Some of these changes are transformational in nature and may impact the entire organization (systems, processes, controls, record keeping, performance measurement and results, communication).
KPMG's Accounting Advisory Services practice is well positioned to help you implement new accounting standards. KPMG professionals can provide timely advice on the impacts of accounting changes, assist you in the development of an implementation roadmap and conduct technical training sessions to equip your team with the knowledge to navigate new standards successfully.
- we complete an impact assessment, develop implementation plan and provide recommendations for management to embed change within existing operational processes.
- We prepare new accounting policies and financial statement disclosures in year of implementation to ensure compliance with new accounting standard requirements.
- For each lease contract, we determine the lease classification and perform calculations of the Right of Use asset and associated lease liability.
- We conduct technical training sessions with key finance personnel to outline key change to the accounting standard, including gap analysis observations and recommendation over existing processes.
What to expect from us
Minimal operational impact and clear communication.
What you gain
- Impact assessment
- Readiness assessment before "go live"
- Assurance over compliance with the Standard
- Up-skilled finance team