IFRS Services at Deloitte
IFRS experts at your service
IFRS services at Deloitte Luxembourg offers a range of tailored services, including IFRS consulting, to assist your company with IFRS issues and tasks you face.
Accounting teams face two main difficulties, the first is the shortening of deadlines and secondly, the management of multi-GAAPs accounting. For this reason, more and more companies make the choice to use the IFRS accounting system and financial statement to rationalize the reporting standards they use.
Migrating to IFRS requires a high involvement of your team and some additional technical knowledge in regards to specific requirements for accounting or disclosures purposes.
Deloitte Luxembourg IFRS services and Centre of Excellence provides a range of tools that can help you in this transition phase. The aim of our IFRS consulting services is to provide a tailored service for our clients in order to accompany them in the transition to IFRS. Our experienced and specialized team is composed of experts in each industry and each standard. The team includes specialists in areas such as accounting, tax, regulatory capital, processes, controls and systems.
Here are a few of the key services we provide for IFRS:
For your IFRS conversion, we can carry out an assessment of the impact of converting to IFRS. Our assistance includes:
- Quantifying the impact of the key IFRS to LuxGAAP differences identified
- Preparing a pro-forma IFRS balance sheet and income statement as of the latest balance sheet date and fiscal year end
- Identifying additional footnote disclosure requirements and summarizing impact on internal reporting structure to obtain required data
- Identifying the key impacts of adopting IFRS on regulatory capital and taxation positions
- Assisting you regarding tax considerations and liaising with the tax administration
- Defining systems requirements
- Selection of IT providers and solution deployment
- Simulation phase for financial reporting
- Consulting of legal and HR experts if necessary
These services can be embedded in a global solution:
- Our tax consulting department in charge of IFRS tax implications can liaise with the tax administration to obtain clearance on a proposed tax return filters.
- Our IT consulting department can assist you by advising on clear and pragmatic solutions to implement. The focus of this includes the adaptation of your systems, assistance in selecting IT providers, solution deployment, and a simulation phase for financial reporting.
Implementation, preparation of IFRS reports and financial statements
We can assist you to prepare IFRS reports, to establish IFRS financial statements as well as to design group-wide reporting packages to gather information form subsidiaries or branches.
To facilitate this assistance, we call upon key experienced people and specific tools, including:
- Experience of first time adoption for group reporting and financial statements issuance purposes
- IFRS model financial statements, checklists, and questionnaires
- Deloitte guides to individual IAS and IFRS
- IAS Plus (IFRS specialized web site)
- IFRS affect assessment toolkit (including check lists, workshop presentation material, etc.)
- Implication within global and local working groups (IASB, EFRAG, ABBL, IRE, CNC)
- Regulatory updates for Luxembourg
Access to the Deloitte Luxembourg IFRS Centre of Excellence
IFRS training solutions
Our dedicated and experienced IFRS team can provide specific and adapted IFRS trainings.
You can find out more about these courses in our IFRS trainings library.
We can also provide customized training developed according to your needs.
Upon request and within the rules of independence, we can assist your management in its assessment of the application of IFRS and providing advice and recommendations on IFRS accounting policy choices. We can also provide written analysis on the appropriate application or interpretation of IFRS for a specific transaction.