IFRS Conversion | IFRS Transition | IFRS Consultants | IFRS Services

Conversion Planning & Support

IFRS Conversion, IFRS Services, IFRS Consulting, IFRS Advisory, IFRS Transition, International Financial Reporting Standards

The impact in adopting International Financial Reporting Standards (IFRS) goes beyond the choice of a uniform accounting language, designed to bring greater clarity to financial reporting, as well as, comparability and consistency on a global scale.

Required changes in transaction measurement and account disclosure means transitioning to IFRS will have an impact on your IT infrastructure service capabilities, the relevant financial reporting applications and the underlying business processes that support financial reporting. Moreover, the impact of IFRS on systems and processes will be as a result of information requirements not being easily accessible from existing systems without significant modifications being required; changes to accounting estimates and non-routine calculations, accounting structures changing because of new accounting policy adoption, and management reporting needs being impacted for consolidation and reporting disclosure changes.

To-date, organizations have relied on Sunera professionals to assist them in improving the design and operational effectiveness of their internal controls over financial reporting. Similarly, we view the transition to IFRS as an opportunity to make improvements along a number of related fronts:

Financial accounting and reporting systems will evolve to where both internal (ie. senior and operational management) and external (Board of Directors and Investors) stakeholder information requirements can, and will, be met sufficiently;
Training requirements for staff and management will need to be redefined, upon appreciating the skills and knowledge bases needed to generate and report new accounting information;
Accounting policy choices will be made with a clearer understanding of the impact on key performance measurements and indicators, while ensuring alignment with industry peers and;
Improved communication to relevant stakeholders should promote greater accountability and transparency

Our goal is simple – to enable your organization to adopt and communicate, with confidence and authority, all relevant changes and enhancements to systems, controls, processes and staff by way of a smooth transition to the new accounting standards.

Sunera professionals are available to assist management in a number of ways, including, but not limited to, the following:

Applying an initial diagnostic in order to identify Canadian/IFRS accounting differences, and thereby communicating key issues (via gap analysis) to management
Preparing new policies and procedures in order to satisfy a need for upgrading and achieving new skills at all levels
Preparing note disclosures prior to conversion, as well as, first time interim and annual financial statements
Assessing, measuring and communicating impacts to the business’s performance, by virtue of adoption of new standards, and the allowable choices within each
Prescribing business process, control and system changes as necessary in order to successfully transition to new operating practices
Identifying corporate governance changes resulting from IFRS adoption