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We would help you in identifying specific challenges during the coming IFRS transition, and work together with you to develop plans to overcome those challenges.
» Analysis of impact on financial accounting, related business processes and IT
Identify transactions and balances which need adjustment upon transition to IFRS.
Analyze the potential impact to financial statements, related business processes, and IT systems.
Provide a systematic approach as well as practical advice for IFRS implementation.
Analysis of impact on business strategy, performance evaluation
Identify the potential impact of IFRS on M&A strategy, foreign exchange hedge strategy etc.
Develop new set of KPI based on IFRS financial statements. |
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Development of IFRS based Group Accounting Manual (GAM) |
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| As IFRS is “principal” based, the development of Group Accounting Manual becomes a MUST. |
» Development of GAM -Based on our study of a large number of leading European listed companies, as well as our knowledge and experience in financial accounting and auditing.
» Rollout of GAM to overseas subsidiaries -We assist in translating the GAM to English and Chinese.. |
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Preparation of IFRS financial statements & Development of Reporting Package |
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| As IFRS is “principal” based, the development of Group Accounting Manual becomes a MUST. |
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» Development of reporting package: As the presentation and disclosure requirements under IFRS are very different from those under Japan GAAP, current reporting package (Japan GAAP) needs to be redesigned for IFRS purpose.
» Preparation of GAAP adjustment journal entries
» Preparation of additional disclosure upon the first-time adoption of IFRS: IFRS1-“First-time Adoption of IFRSs” requires additional disclosures concerning transition to IFRS. Companies are required to disclose reconciliation of equity, total comprehensive income in accordance with previous GAAP to its equity, total comprehensive income in accordance with IFRS.
» Preparation of IFRS footnotes: Comparing with Japan GAAP or US GAAP, footnote required under IFRSs are significantly larger in number, and detailed in contents. |
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Valuation of Intangible Assets & Goodwill |
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| IFRS 3-“Business combination” requires that intangible assets of the acquired company during a M&A should be evaluated at its “fair value”. In addition, goodwill should not be amortized; instead, it should be evaluated for impairment on a periodic basis. |
We provide service in following areas:
» Valuation of intangible assets, such as customer list, brand, knowhow, royalty etc.
» Periodic goodwill impairment test |
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We provide following training services:
» Standard training with “real” case studies. The case studies cover a large variety of European companies, in order that you would not only learn those principles stipulated in IFRS, but also how these principles should be applied in practice.
» CCustomized training. We also provide customized training to fit the specific needs of your company. Training materials are tailored to focus on the specific accounting challenges of your industry.(e.g. capitalization of development cost for automobile companies and pharmaceutical companies; business combination for companies with significant M&A activities.) |
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Oversea stock market IPO service |
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For companies which plan to list on oversea stock market, we provide assistance in preparation of IFRS or US GAAP based financial statements, security registration statements etc. |
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