International financial reporting standards (IFRS)

Ria Grant Thornton can help you to illustrate new and different financial statement values.

Transition to the IFRSs has involved and involves the adoption of a new cultural model in preparing financial statements, not just a simple accounting task.
It is a change that extends beyond the traditional company borders, as new and different financial statement values must be illustrated to the market, institutional investors, and financial analysts, engaging all these stakeholders.
This disclosure requires you to draw up reconciliation statements which illustrate how the transition of the accounting basis determines different accounting results, impacting the main financial statement ratios.

This involves changes in internal reporting and IT systems, which must be adapted to gather the information required by the new reference accounting standards. The transition requires the revision of personnel remuneration and incentive systems and loan agreements to ensure consistency with the new financial statement data, both past and expected.

It is crucial to select the correct timing for transition. Given the complexity of the transition process, the project must be scheduled in time.
The commitment required must be carefully assessed, in terms of human and financial resources, both inside and outside the company. In this process it is crucial to work with an expert partner who can efficiently organise the phases to be handled and the methods for handling such phases.

Ria Grant Thornton supports its clients in all phases of the transition process: 

• Identifying information requirements for IFRS purposes, for each industrial segment;
• Selecting accounting policies, in light of key performance indicators for each specific company;
• Integrating and modifying IT, budget and internal reporting systems, to gather the information required to prepare IFRS-compliant financial statements;
• Developing the new group manual to be used to notify local offices of the new requirements of IFRS-compliant financial statements;
• Developing IFRS training plans for all industrial segments: basic and advanced, CD and classroom based, to provide suitable training for personnel involved in the transition to IFRSs;
• Providing specialist, tax, actuarial and legal assistance to resolve new, complex issues arising due to the transition to IFRSs;
• Providing advisory services on managing investor relations, to maximise and externally communicate the value produced by the company.