IFRS – International Financial Reporting Standards
Implementation of reporting in accordance with IFRSs. Training the client's team in their application.
What challenge/ problem did the client come with?
The client wants to implement the International Financial Reporting Standards (IFRS) in his organisation. He needs to develop and implement reporting compliant with IFRSs.
What activities did we propose and carry out?
We conduct the process in a structured manner. The first step is to get to know the company’s operations and estimate the IFRS impact on its current accounting policies. Then we quantify the differences and prepare new accounting policies. We prepare adjusted balance sheets and income statements for prior years, and specify how transactions should be accounted for in the current year. Then, we prepare a template for the financial statements in accordance with IFRSs and implement it in the company’s reporting. We also train our clients’ accounting teams in applying IFRSs on a daily basis.
Determining the value of the acquired company through a purchase price allocation (in accordance with IFRSs)
What challenge/ problem did the client come with?
Following the acquisition of a competitor, the client is required to perform a purchase price allocation.
What activities did we propose and carry out?
As required by the IFRSs, after the acquisition of an entity, it’s necessary to allocate the purchase price by calculating the fair values of the acquired assets and liabilities, the fair value of the payment made – and, consequently, determining the goodwill. Those adjusted figures are later reflected in the group’s consolidated financial statements. Our client retained us to determine those figures and to show him how they should be included in the consolidation and to provide guidance on the preparation of consolidated accounts.
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