Our approach to IFRS Conversion leverages key lessons and success factors learned from prior IFRS and large, complex initiatives; has been tailored based upon our significant knowledge of your industry and the financial accounting, reporting and regulatory environment and positions our clients for success across the entire Project life cycle by considering the broad implications of adopting IFRS
Conversion to IFRS
Deloitte has a proven IFRS implementation methodology developed from hundreds of projects we have performed in West and Central Africa. Our approach to IFRS Conversion leverages key lessons and success factors learned from prior IFRS and large, complex initiatives; has been tailored based upon our significant knowledge of your industry and the financial accounting, reporting and regulatory environment and positions our clients for success across the entire Project life cycle by considering the broad implications of adopting IFRS. Our services include:
- First time adoption of IFRS - Conversion to IFRS from a National GAAP
- Impact Assessment /GAP Analysis between IFRS and National GAAPs
- Development of IFRS accounting policy manuals
IFRS Advisory Service
At Deloitte, we provide an integrated solution driven by quality. We have subject matter specialists that are available to offer you practical answers: our technical opinions are supported by a comprehensive analysis of the relevant guidance applied to your particular facts and circumstances.
We will proactively inform you on a timely basis of IFRS developments that may impact your financial reporting, in order to manage such changes appropriately. Our IFRS advisory service includes:
- Business Combinations - We assist in identifying and measuring assets and liabilities to be recognised; proffer solutions in treatment of contingencies and goodwill under IFRS 3.
- Impairment tests on goodwill and other non-current assets - Documentation of the Company’s impairment process and methodology, Identification and fair valuation of assets (including Cash generating Units) and liabilities to be recognized, treatment of contingencies and goodwill under IAS 36
- Consolidation and deconsolidation - Technical accounting opinion on Consolidation / /deconsolidation of subsidiaries, joint arrangements and associate accounting.
- Lease Accounting - Identification of lease arrangements in outsourcing, take-or-pay and similar contracts; classification as finance or operating lease and accounting treatment by the lessee and/or the lessor including measurement of lease obligations.
- Financial Instruments - Recognition and derecognition of financial instruments, including off-balance character of sales of receivables; identification and measurement of derivatives and commodity contracts; fair value measurement of all types of financial assets and liabilities; effective hedge accounting strategies; classification as debt or equity; disclosure requirements for financial instruments and fair value measurement. We guide our clients in the implementation of new accounting principles (IFRS 9) for financial instruments
- Revenue recognition - Revenue recognition for transactions involving specific aspects such as multiple components, milestone payments and repurchase commitments under IAS 18 and impact assessment of the new standard.
- Share based payments - Assessing the nature of fair value calculations and accounting treatment under IFRS 2.
- Provisions - Recognition criteria and measurement under IAS 37, including restructuring provisions and onerous contracts.
- Specific IFRS Information - Related party disclosures under IAS 24; segment reporting under IFRS 8; (diluted) earnings per share under IAS 33; discontinued operations and assets held for sale under IFRS 5, interests in other entities under IFRS 12.