NFRS conversion is a strategic issue and the impact of NFRS adoption together with continued amendments to the standards stretches far beyond accounting and financial reporting to affect key business decisions. Our experienced team in NFRS implementation will assist you in first time adoption of NFRS. The team will provide high quality guidance on interpretation and application of new and revised standards.
Roadmap needs to be developed for NFRS implementation.
|Phase I||Quantification of NFRS accounting impacts||Enable continued NFRS reporting|
|Qualitative assessment of NFRS accounting impacts||Prepare first time adopted NFRS financial statements||Perform knowledge transfer and provide guidance on new and revised standards|
|High level gap analysis||Obtaining feedback from management and finalization of deliverables|
|Preparation of checklist/action plans|
|Phase II||Deliverables (including presentation of financial statement)|
|Assess options and exemptions under NFRS 1|
|Assess accounting policies choices available under NFRS|
|Assess accounting issues and prepare accounting adjustments|