Excellent! Very easy to understand and use templates.
Do you have a template for GAAP to IFRS conversion and reporting?
KarlPost author
Thank you for the question.
I understand you’re aiming to adopt IFRS instead your local GAAP as your accounting framework. Unfortunately there isn’t a template for this. There are lists of actions or steps you ought to take to make the adoption (check out IFRS 1 – First-time Adoption of International Financial Reporting Standards. IFRS 1 sets out the procedures that an entity must follow when it adopts IFRS as its reporting framework for the first time. This IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period). Key principles to follow are understanding the differences between your local GAAP and IFRS reporting framework. Take your various processes, i.e. how you account for receivables, for inventories, for assets and for revenue and read through what are your options for recognizing those transactions using IFRS instead your local GAAP.
Should you have any further questions, please do not hesitate to contact us for more.
Excellent! Very easy to understand and use templates.
Do you have a template for GAAP to IFRS conversion and reporting?
Thank you for the question.
I understand you’re aiming to adopt IFRS instead your local GAAP as your accounting framework. Unfortunately there isn’t a template for this. There are lists of actions or steps you ought to take to make the adoption (check out IFRS 1 – First-time Adoption of International Financial Reporting Standards. IFRS 1 sets out the procedures that an entity must follow when it adopts IFRS as its reporting framework for the first time. This IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period). Key principles to follow are understanding the differences between your local GAAP and IFRS reporting framework. Take your various processes, i.e. how you account for receivables, for inventories, for assets and for revenue and read through what are your options for recognizing those transactions using IFRS instead your local GAAP.
Should you have any further questions, please do not hesitate to contact us for more.