Identifying, interpreting, and applying new accounting standards can require significant time and resources. Our IFRS Capabilities Team understands the unique challenges that companies face when navigating changes and transition to new accounting standards. While our team’s focus is on the interaction between the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”), and the US Generally Accepted Accounting Principles (“GAAP”), we have extensive knowledge and expertise needed to interpret and apply other GAAP in different jurisdictions [e.g., FRS 102 (UK GAAP) and AASB (Australia GAAP)].
No matter where your organization is in the business cycle – from start-up to exit and all the stages in between – we’re with you all the way. From better understanding accounting implications and bridging existing gaps, to successfully adopting new standards and implementing processes to assist with ongoing accounting needs, as well as supporting you as you undergo the audit of your IFRS financial statements—all while ensuring your overall business priorities remain top of mind.
We work closely with your team to determine existing pain-points, while focusing on potential areas of risk. We leverage the expertise within our IFRS capabilities team, as well as our technical accounting and transactions support group, risk advisory, enterprise cloud applications, and business processes teams.
Our collaborative, client-centered approach includes several key steps and is tailored to align with your unique business priorities.
- Identify the similarities and significant differences between the different standards and how they relate to the client’s current accounting standards
- Gain an understanding of which polices that will be impacted upon conversion
- Determine the balances that may be impacted upon conversion
- Quantify the differences upon conversion to the new standards
- Prepare relevant memorandum, financial statements and related disclosures in line with the applicable standards. (e.g., IFRS, US GAAP, FRS 102, AASB)
- Assist clients in adopting new accounting pronouncements relevant to new standards. [e.g., IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases]
- Implement processes to assist with ongoing accounting needs under the new standards
The MorganFranklin Way™
By enabling your team to focus on business operations, your organization is empowered to maximize internal resources, make more effective business decisions, and adequately respond to ongoing technical accounting and financial reporting matters. The value we bring is not only in what we do, but how we do it.
- Our deep experience, knowledge of accounting rules and expertise allow us to quickly structure objectives and activities for each phase of your adoption.
- We draw from our extensive knowledge repositories, tools, and templates to tailor solutions and efficiently create deliverables that are customized to your needs
- We rapidly deploy tried-and-tested methodologies to meet challenges and deliver measurable solutions
- Our client’s priorities always remain top of mind, and we ensure all stakeholders are successful in meet these priorities
- We exercise a collaborative client services model in delivering services and in developing solutions that deliver value across the duration of our engagements