There are two ways of financial statements preparation in accordance with the IFRS:

  • transformation method;
  • transaction method (accounting only by IFRS).

In order to make statements transformation according to the IFRS, the reporting under GAAP and analytical breakdown to it regarding balance sheet items and income statement should be prepared. It is carried out by making appropriate adjustments and additional entries in order to bring the assets, liabilities and capital to the level at which they should be reflected under the IFRS.

We offer our customers the following compulsory components of such services:

  • Studying company’s business, evaluation of changes that took place in the company (new type of activity, changes in business processes);
  • Analysis of the financial statements prepared in accordance with GAAP;
  • Identification of discrepancies between GAAP and IFRS;
  • Preparation of Accounting policy;
  • Implementation of transformational entries:  reclassification entries, adjusting entries;
  • Valuation of assets and liabilities;
  • Creation of transformational table;
  • Completion of financial statement forms in accordance with the IFRS -  for the current period and for the comparative periods.
Order transition into IFRS

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