IFRS
As IFRS is the common financial reporting language followed globally, it's important to keep up with the new standards while preparing financial statements. In various aspects such as financial instruments, leasing, revenue recognition etc, we help you stay updated with the latest application guidance. Starting from the calculation of your balance sheet to the disclosure of your financial statements, all areas have gone under changes. Our team brings your business up to date with those changes and makes your life easier.
1. COVID-19 Accounting Implications
Upgrade to new normal
The Covid 19 pandemic has affected economic activities drastically around the world. The implications of those changes have come on the way accounting is done. Not just in how your balance sheet is kept but in disclosure as well as valuation of your organization. It's furthermore important for the management of your company to consider these implications and mould the accounting process to make it relevant. From a slow paced economy to a lower workforce, all impacting aspects must be considered by all entities.
2. IFRS 17: Insurance contracts
Follow uniform standards
IFRS 17 will on a very basic level change accounting for those who issue contracts inside the extent of the criteria for insurance. Those who issue insurance contracts should use reliable models of estimation based on current changes. The new standards not only need to be thoroughly understood but also followed uniformly across your organization. We help you understand and cope with these changes and implement the knowledge in various departments required. We even offer e-learning for your employees to help them develop a solid understanding.
3. IBOR Reform
Recover smoothly
After facing an economic crisis, global regulators have prioritized replacing the benchmark of interest rates like LIBOR & IBOR. The reform has come mainly to adjust the ongoing economic activities and bring them at par with the new normal. The road to recovery for the economy may be long, but it’s important for companies to adjust with these new reforms for smooth functioning. Our team will assist you in becoming up to date with all the aspects that are required for you to reform effectively.
4. IFRS 16: Leases
Utilize your property
Leasing is one of the easiest methods used by companies to utilize a property or equipment without having to invest in it heavily. IFRS 16 Leases define the terms and conditions to account between the lessee and lessor for a particular period of time. Our team assists you in understanding the changes and identifies IFRS 16 scope, lease term and rate for your contracts.
5. IFRS 9: Financial instruments
Learn & Implement
IFRS 9 is the way to account for financial instruments for an organization. Classification & Measurement, Impairment & Hedge Accounting are the three most important pillars of IFRS 9. The rules abiding the same must be understood and implemented across your organization and we will guide you on how to do it effectively.
6. IFRS 15: Revenue
Comprehend the contracts
IFRS 15 is basically your contract of revenue with customers. Comprehending the evolving aspects of this may be a tedious task at hand. If you are having a tough time with your IFRS 15 Revenue details, our experts will guide you through. We help you understand the basic principles to follow in this contract and assist you in implementing the same.