Diagnostic

Aside from a new presentation of information already disclosed in the previous GAAP, the transition to IAS/IFRS standards also imposes to disclose new information. This type of change brought about by the IFRS standards is likely to modify corporate information systems by requiring the creation of new accounts. Such changes, the implementation of which may take some time, must be extensively identified, as early as possible.

Moreover, the IAS/IFRS standards have many requirements and for financial statements to be compliant with IAS/IFRS standards, they must meet all their requirements (IAS 1 § 14). Hence, companies must carry out a major research and analysis task on their published financial information to ensure it is compliant.

Beyond the IFRS first-adoption date prospect, each closing date will have to imply a check of financial information compliance.

IFRS standards imply a task that is:

 of paramount importance for the credibility of the financial information published,
 crucial insofar as it must be extensive,
 to be carried out rapidly,
 potentially repetitive.

FinHarmony’s offer

To face these challenges, FinHarmony has developed sure and efficient products:

1. Our exclusive diagnostic tool: FinHarmony-Diag

An extensive and up-to-date list is at your disposal with over 800 checking items: you can acquire a licence for our exclusive check-list, reviewed and approved by the staff of the IASCF (cliquez ici sur le site de l’IASB pour la news correspondante).

2. A turnkey diagnostic solution

We carry this assignment out through the following steps:

 Analysis of financial statements and current accounting policies through the use of our diagnostic tool (question database with over 800 checking items),
 Talks with the managers of the departments involved,
 Delivery of a final report listing all checking items deemed satisfactory and unsatisfactory,
 Debrief meeting with the company, during which a summary of noted points and their relevance will be presented.

At the end of the diagnostic mission, a customised action plan for the transition to IFRS can be drafted on demand (planning, training, coaching, expertise).

---