RegulationAccounting StandardsIFRS update October 2005 – The state of play

IFRS update October 2005 - The state of play

Is your company heading for A&E? Here's our 10-point checklist of the critical areas to address if your conversion project is running behind schedule

1 If you are not well into the project by now, get moving
and fast! And if your company doesn’t have a December year end, don’t be
complacent as time is running out for all companies

Link:
Access IFRS – PwC’s
IFRS resource centre

2 Accept that your reporting will be different and
acknowledge the need for change ­ auditors cannot fix this as part of their
annual audit work so you will need to take responsibility for the changes

3 Consider all the implications and ensure that you have a
strong message to communicate ­ your investor relations team and directors must
be able to talk stakeholders through your IFRS strategy and the impact of
conversion

4 For those companies that have not already presented
interim reports, determine your interim reporting strategy and the options
available to report

5 Involve your business units early ­ many of the detailed
differences may only become apparent when business units are engaged, but these
differences can be significant

6 Seek specialist help in complex areas such as treasury and
share options, particularly if you are short of time ­you cannot do it all
yourself

7 Wherever your conversion requires detailed analysis of
transactions such as lease contracts or the search for embedded derivatives,
ensure your analysis has been thorough, establish an appropriate review process
and make sure the people doing the work understand what they are looking for

8 Don’t overlook deferred tax ­ it is a complex area
requiring a thorough review

9 Plan your results presentation format – the way you
present your first results under IFRS will influence how your IFRS conversion
project is perceived

10 Develop a strategy for moving forwards. Only just getting
it right is not sustainable – IFRS will need to be embedded into your systems
and processes

For the latest news
and analysis on IFRS, updated every week, register for Access IFRS – PwC’s IFRS
resource centre

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

1w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter