IFRS Conversion
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The impact of IFRS extends beyond accounting and reporting on key business decisions
you make. Our financial expertise and advice reflect that, providing a mixture of technical details and
expert understanding.
Our contributions to the accounting and conversion of IFRS include:
Our services for IFRS-compliant business reporting cover:
We provide assistance and guidance with regard to:
Assisting management in the selection of alternatives to IFRS accounting policies, such
as voluntary exemptions offered by IFRS 1, the first implementation of International Financial Reporting
Requirements, and assisting management in evaluating the consequences.
IFRS introduces a common financial language that promotes and facilitates cross-border
investment by reducing financial costs and reducing barriers. Using IFRS can help improve the quality,
comparison, and transparency of your financial information. Using them properly will increase your
company’s credibility and improve access to credit and investment opportunities.
These levels are very detailed and technical and can be difficult to navigate to the untrained eye. IFFS
CFGI professionals have a thorough knowledge of their vulnerability, translating them into a language
you can understand and use in your financial statements.
Large new levels of financial resources, revenue recognition, and leasing present significant challenges
for financial statement planners. You will receive the latest application guidance that works for CFGI
specialists. We can help you navigate through the complexity of the standards so that you can focus on
your time and your efforts to run your business.
Businesses that use equivalent criteria to prepare financial statements may compare with each other more accurately. This is particularly helpful when comparing organizations located in various countries since in the preparation of these documents they can otherwise have different methodologies and laws. This higher comparability has helped investors define better where their investments can go.
The IFRS will help new and small investors by allowing reporting requirements to provide higher quality and become easier, placing these investors in a comparable position with skilled investors, which was not possible under previous standards. It also entails a decreased risk for these investors as they trade, since they will not be tempted to take advantage of the experts and it will only be easy for others to grasp the nature of financial statements.
Using a theory based on principles, this set of criteria would have the purpose of arriving at a fair valuation for different methods of executing tasks instead of rules. This will allow organizations the ability to follow IFRS in their individual cases, resulting in easier-to-read more valuable financial statements.
The phase of implementing IFRS shall be divided into the following three stages and Legalraasta shall include the best services used in the relevant stages.
This category is very important. First, the company clarifies the purpose of IFRS
adoption, builds a project team, and develops a work environment to promote the implementation of
IFRS in the wider company.
Second, we understand not only the impact on financial performance but also the impact on the
business process, information system, and the need for change in the business management system. We
recognize the challenges of IFRS adoption and define the IFRS implementation policy and develop the
application.
Legalraasta provides our impact analysis tool that was originally developed, conducting training and
program planning services in this sector.
This is a big stage and requires hard time-consuming work. The company developed
solutions to the problems that had been adopted and developed new rules and procedures for IFRS
adoption. About accounting, the company understands the differences between IFRS standards and
Japanese accounting standards, considers accounting treatments differently, develops accounting
policies, reviews the scope of consolidation, covers accounting time for group companies, and
explains IFRS’s collection information.
Similar to the implementation of IFRS, the company is transforming the business process and
information system and is looking at a new management system. After completing the preparation of
the census policies and defining a new business process and information system, the company
continues to train employees on IFRS acquisition acquisitions.
Legalraasta supports the formulation of census policies, review of company rules and manuals and the
analysis of IFRS disclosure data, review of integrated packages, conducting training, and
facilitating the implementation of IFRS in related organizations.
At this stage, the company adopts new accounting policies and procedures established and operates under the new business and information system, and prepares financial statements based on IFRS. Legalraasta supports the preparation of IFRS-based financial statements while ensuring compliance with the revised regulations and manuals and supports the evaluation of the effectiveness of internal controls.
The precise timetable for IFRS adoption is set by the SEC, which indicates the period
for publicly listed entities to use the IFRS provided by the IASB. Whereas the arrangement between the
International Accounting Standard Boards (IASB) and the United States Financial Accounting Standard
Board (FASB) in IFRS convergence is to work together to establish accounting standards that are
consistent with and of high quality over time. The adoption of IFRS by convergence will be simple and
will cost less. It can also remove the needless need for IFRS adoption.
There are, however, some supporters who do not agree that convergence alone is adequate and is necessary
to remove the gap between two sets of accounting standards through adoption.
In 2011, the SEC implemented a method that makes it possible to integrate the US financial reporting
system into IFRS and help and converge with IFRS over time to support the US GAAP. The decision to
integrate US financial standards into IFRS or follow the IFRS process, however, lies with the SEC.
Our IFRS technical experts proactively anticipate accounting standards, building on our
in-depth knowledge of the subject and deep sector expertise resulting from worldwide commitments. We
break down very complex scenarios into terms that can be understood by any non-accountant.
Legalraasta allows businesses to complete the transition to IFRS effectively and retain compliance. Our
advisors’ extensive and specific experience helps us to offer complex services to support our customers
in all areas of IFRS.
In order to support the business with successful transformation methodology, strategic accounting
skills, treasury, tax, interim tools, M&A, valuations, and project management, we also have a number of
specialists. The experts at Legalraasta will aim to keep you up-to-date with the changing environment of
IFRS and facilitate consistent understanding and implementation of those principles.
LegalRaasta was founded on the principle that sophisticated legal and taxation services should be simple, modern, and inexpensive. We can serve our clients more efficiently thanks to cutting-edge practise technology.
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