International Financial Reporting
The goal underlying the implementation of International Financial Reporting Standards is to support enterprises in the process of drawing up their first IFRS/IAS financial statements.
Decisions concerning the accounting policy of the enterprise are always made by its management. Our role is to provide the best-quality information, making for an informed decision.
Grant Thornton advisers specialise in implementing International Financial Reporting Standards, as well as conducting financial statement audits compliant with the above standards. Our extensive experience enables us to approach the job at hand in a flexible manner, tailored to the client’s needs.
The IFRS/IAS implementation service covers the following stages:
- Analysis of the enterprise’s information system
- Transfer of knowledge and tools
- Development of the accounting policy compliant with the IFRS/IAF
- Current consultations and advisory services
The analysis of the corporate information system involves identifying business events which should be valuated or treated differently than under the previous accounting principles. It also helps find elements in the accounting IT system which need to be modified. As a result of the analysis, we produce a report summing up all the recommendations.
People responsible for implementing the new accounting standard are provided with the necessary knowledge and tools, including the financial statement template with a complete scope of disclosure, disclosure checklist and auxiliary tools (e.g. financial instrument valuation tools).
Detailed information on the process of IFRS/IAS implementation can be obtained from our advisers.