IFRS & US-GAAP Conversion
It is usually a major challenge for companies to convert their accounting to International Financial Reporting Standards (IFRS) or US-GAAP. A change in the rules and regulations has an impact on the entire organization. In order to carry out the process successfully and efficiently, the conversion should not be underestimated. In addition to subject-specific topics, it is also important to consider and integrate the necessary framework conditions such as processes, IT and employees accordingly.
There can be many different reasons for implementing IFRS. Access to the international capital market or sale to a listed company can, for example, justify the need for an IFRS or US-GAAP conversion.
IFRS/US-GAAP Assessment
The first step in a conversion to IFRS/US-GAAP is often an assessment. The primary goal here is to develop a consistent and reliable timetable for the conversion and its IT-technical mapping. Identification of expected conversion effects is also part of an IFRS/US GAAP assessment.
Optimization of Group accounting
This is followed by the optimization of the Group accounting and the analysis of existing IT systems, which includes the implementation of new software for the Group accounting. Furthermore, if desired, it is possible to design and roll out the IT-technical implementation of parallel accounting in accordance with IFRS/US-GAAP.
Conversion to IFRS
Building on this, the third step is the actual conversion to IFRS/US GAAP with the design of future accounting on the basis of accounting manuals, reporting packages, training and the system-side conversion. In addition, the reconciliation entries for IFRS/US GAAP and the disclosures in the notes and in the IFRS/US GAAP consolidated financial statements must be prepared.
In addition to providing support in the preparation of the complete IFRS/US GAAP consolidated financial statements, WTS Advisory's range of services also includes monitoring the financial statement preparation process. The focus here is on identifying weaknesses and implementing measures to improve the process.
Our Support for IFRS Conversions
One of WTS Advisory's core competencies is advising capital market-oriented companies on reporting and management-related issues. In this context, WTS Advisory has already carried out numerous IFRS or US-GAAP implementations – in part also within the scope of IPOs and M&A transactions – for companies in the most diverse sectors and of very different sizes. WTS Advisory has many years of experience in IFRS conversions and the implementation of IFRS/US-GAAP accounting. We can compensate for our customers’ lack of internal knowledge and limited capacities with extensive know-how in the area of IFRS/US GAAP. In addition, we offer fast and efficient support thanks to a mentality that focuses on the goals and implementation while pursuing the work pragmatically with a hands-on approach.
The WTS Advisory Conversion Tool or an existing ERP system lets WTS Advisory specialists achieve a system-supported transition. The proven toolset from various IFRS and US-GAAP conversion projects, including our tool solution, is made available to WTS Advisory clients free of charge as part of the conversion.
Your contact for a successful conversion
If you are interested or have any questions, please contact us.
Your contact to us
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