With IFRS becoming the common language of financial reporting, it is vital that companies fully understand these principle-based standards and their business impact. With more than 20 years' experience, KPMG’s IFRS practice combines a multi-disciplinary approach with extensive knowledge gained from Luxembourg client projects and international initiatives. We can assist companies in Luxembourg and internationally to understand new rules and apply IFRS to their specific circumstances. Our IFRS specialists can help you achieve compliance, organize your financial reporting processes and align your accounting operations more closely with your business objectives. We offer a wide range of services to suit your specific needs.
As IFRS continues to evolve, companies must keep up to date with new developments. Our experts can help you achieve this by providing:
- Tailored training that suits your unique circumstances with worked examples and case studies
- Updates on new standards and amendments.
- Expert trainers with robust technical skills and practical knowledge.
- Web-based, classroom and one-to-one sessions.
Our eLearning solution offers over 17 hours of high-quality, autonomous and interactive courses on 14 different IFRS standards. Learn more about our eLearnings by viewing the video below or downloading our IFRS eLearning catalog (PDF; 400 KB).
To support your IFRS conversion we can:
- Perform gap analysis to identify key differences between previous GAAP and IFRS.
- Quantify the key differences identified and prepare an opening balance sheet as of the IFRS transition date.
- Assess the impact of IFRS conversion on business, IT systems, tax and other regulatory aspects.
- Prepare technical accounting papers on material items.
- Assist with and prepare first IFRS financial statements including required reconciliations and disclosures.
- Establish an IFRS chart of accounts.
- Provide an IFRS awareness session.
- Prepare an IFRS-based accounting policy and group reporting manuals.
- Benchmark policies against industry norms.
- Setup of efficient IFRS group reporting.
Application of new standards
New accounting standards and amendments may not only impact your balance sheet and reported results but also the business you run. Our team of experts can help you:
- Perform an initial impact assessment on financial reporting and tax.
- Quantify the impact.
- Review your calculations and provide assurance on the details and methodologies used.
- Select and implement IT systems.
- Provide training for both finance and non-finance personnel.
Specific IFRS matters
We can help you analyze and reach the correct accounting answer for complex transactions in respect of IFRS requirements and your business reality. We can:
- Review accounting analysis that you have performed.
- Assist in preparing an accounting position paper.
- Provide an accounting opinion for a particular transaction.
- Prepare an accounting manual and help with selecting your accounting policy.
- Assist you in performing purchase price allocation (PPA) and provide technical guidance regarding your business combinations.
- Delivery of KPMG’s Insights into IFRS in hard copy and eBook formats.
- Access to an eLearning library for new and existing IFRSs.
- Participation in our yearly IFRS update breakfast or lunch events for one person and one day (IFRS for banks or corporate).
- Telephone hotline for ad hoc requests up to three hours per month.
- Practice calls for new CSSF requirements regarding IFRS.
Click here to access our guide to annual financial statements
Certain of these services may not be available to our audit clients due to independence requirements. KPMG audit clients should contact their lead audit partner for more information.