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IFRS Conversion Services

IFRS Conversion Services

KPMG's IFRS Conversion Services offers a structured approach to help our firms' clients convert from their current primary accounting standard to IFRS

IFRS Conversion Services

We believe that companies should view changes in accounting standards as far more than an accounting exercise.

KPMG brings together the best of our existing audit, advisory and tax professionals to help clients understand and respond to the changes in accounting standards which are currently impacting:

  • First time adopters, currently converting to IFRS
  • Existing IFRS preparers currently considering the proposed changes to the standards
  • Other preparers, not currently reporting under IFRS, but still facing significant changes in local GAAP standards, for example as a result of the convergence initiatives between the IASB and FASB

KPMG can help you understand how the changes in the standards affect your financial statements and assist you in making the complex accounting policy decisions required. But moreover, we see the implementation of new standards as more than an accounting exercise. Our multi-desciplinary approach seeks to translate the accounting impacts into tangible actions to deliver the required changes to your company’s systems, processes, people and also to the wider business.

We believe that the benefits of effectively managing the change in accounting policies can outweigh the efforts; in particular to:

  • Enhance competitiveness in a global market
  • Facilitate the sourcing of capital on a global scale
  • Benefit from policy options and choices upon first-time adoption
  • Identify and implement significant performance improvements in the finance function to streamline and simplify the accounting process
  • Reduce financial reporting efforts and related costs
  • Stimulate and simplify benchmarking

IFRS 9, 15, 16 and 17

Our approach is adaptable and capable of incorporating changes per your local operating environment and business model, as well as to consider any comparable legislation issued by other jurisdictions in the future. KPMG is equipped with a vastly inclusive assembly of strategies that will provide you with efficient and effective options towards facilitating IFRS compliance on the part of Pakistani financial and non-financial institutions.

Accounting, Tax and Reporting

  • Support you in performing an impact assessment to identify expected accounting changes
  • Challenge assumptions you have made when considering new judgments and estimates
  • Review new accounting policies, technical accounting memos, new disclosures, contracts and agreements

Business

  • Help to assess the impact of the standard on general business issues
  • Assist in developing your new governance approach, stakeholder needs analysis, change readiness assessment and a tailored communication strategy
  • Assist in reworking your forecasts/budgets to aid decision making during transition

Systems and Processes

  • Help with identifying gaps in reporting information systems capabilities
  • Determine/help with assessing new data requirements for historic and prospective application of the standard
  • Help to determine the systems constraints and solutions needed to handle the new standard including general ledger systems, data collection and reporting package configuration
  • Assist with amending current operating policies, processes and reporting procedures

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