Ernst &Young >Issues>IFRS-Services - Ernst & Young - Canada

Ernst & Young’s network of experienced IFRS professionals—in Canada and around the world—provides companies with clear, objective advice about IFRS conversion. We can help you:

• Identify the impact of IFRS on your financial reporting and business practices
• Structure and manage your IFRS project process effectively and efficiently
• Interpret the recording, measurement and disclosure requirements of IFRS and explore options
• Perform initial reviews of accounting policy compliance before and after IFRS conversion
• Train staff to operate in the new IFRS environment.

We can also assist with specific elements of your conversion project, such as accounting process changes.

 

Our Approach

Ernst & Young uses a phased approach in helping companies convert to IFRS.

Phase 1: Diagnostic Impact Assessment – We can help your organization identify the differences between its accounting policies and IFRS. The diagnostic also identifies other areas of the business are affected by the conversion. The ‘turn-key’ deliverable from this exercise is an holistic report which provides management with a full view of the potential impact of IFRS on the business and is a key tool to help you plan and determine where to start. Learn more...

Phase 2: Design and Planning – We help your organization develop a project structure with a well-defined implementation plan pursuant to the diagnostic, including teams and relevant work streams.

Phase 3: Solution Development – We can help you address technical options, systems and processes most appropriate for the organization.

Phase 4: Implementation and Execution – In this phase, we can help with process changes, training and helping ensure policies and manuals reflect the new reporting requirements.

Phase 5: Post Implementation Review – In this phase, we help management maintain reporting integrity and avoid surprises by evaluating how well the company adheres to policies, procedures and controls arising from the conversion, and by identifying unresolved issues.