IFRS Conversion

The international harmonisation of accounting and financial standards is clearly driving global accounting regulation. It comes with clear mandated intentions and a timetable and impetus which mean that in order to be fully operational when the 'switch over' date occurs, all firms need to have clear objectives and an action plan that will facilitate the transition. For firms that have already moved to international standards, further changes are likely to occur and staff will need to be briefed as to their significance and the actions that are required.

At Risk Reward we have the expertise, knowledge and experience to help you navigate the path to conversion, to improve the skills and knowledge of your reporting teams and to help you anticipate changes in the financial standards coming down the road. This will ensure that your firm is fully prepared and compliant with all the regulatory requirements affecting your business.

We have a range of standard and bespoke International Financial Reporting Standards (IFRS) courses and our team of expert trainers and practitioners are able to tailor a solution that suits both your needs and budget. Due to our unique mix of experienced finance professionals, we are able to benchmark best practice and deliver the specific tailored knowledge transfer and up skilling your reporting and control teams require.

We also keep an eye on the financial reporting landscape, helping you to anticipate and plan the changes in the pipeline that will affect the delivery of both the reporting, control and compliance practices within your product, portfolio, business unit, division or group.

The IFRS Agenda

The regulatory and reporting framework is constantly being updated, revised and refined to ensure that confidence is restored in the financial services sector. These changes are being driven from divergent institutions, yet the impetus and urgency for global standards have become more focussed over the last couple of years.

The IASB and FASB are working closely together to achieve convergence between US GAAP and IFRS. This means that everyone responsible for the supervision, control and reporting of financial institutions performance are required to be up to date, understand and can apply the underlying principles and guidance in International Financial Reporting Standards (IFRS).

The steps you need to take

When developing a programme for conversion to IFRS a firm needs to:

• Determine the requirement
• Engage with the right people
• Devise, plan and deliver the knowledge transfer
• Embed the knowledge

Determine the requirement

At Risk Reward we can assist firms to make the scoping and terms of reference requirements for the change and transition agenda clear, methodical, comprehensive and achievable within the firm's own timetable requirements. Through our detailed knowledge of the changing requirements combined with our use of qualified chartered accountants we are able to provide firms with the quality service that they require.

Engage with the right people

Risk Reward's team of experts are the right people, with the right knowledge, experience and skill sets to guide a firm seamlessly through the conversion or up skilling exercise. Call us and at the earliest convenience, we ensure that you speak to the subject matter expert to assist you in formulating the agenda.

Devise, plan and deliver the knowledge transfer

As your partner in the IFRS change management and transition arena, we have the ability, breadth of knowledge and project experience to help devise and deliver the knowledge transfer essential to ensuring that your regulatory and reporting frameworks are in accordance with best in practice.

Embed the knowledge

Risk Reward's objective is not just to transfer the knowledge, but to ensure that the knowledge is embedded and engrained in your organisation's culture. We offer follow up training and coaching sessions to ensure that the knowledge embedding process is your main priority and a robust framework of expertise and knowledge is delivered to your front end reporting teams. In a constantly changing regulatory landscape Risk Reward can be your continual partner guiding you through the changing circumstances. Call us to see how we can help make your IFRS transition as simple as possible.