Strategic decisions for the company’s growth and for a major international development
The transition to IAS / IFRS international accounting standards undoubtedly represents the future for most Italian companies to improve their international visibility. Furthermore, assistance in the change or adaptation of accounting standards for buy-side or vendor-side operations already completed or being finalized represents an element of efficiency and cost saving for international groups.
Our key success factors are innovation and an approach oriented towards the solution of the main problems deriving from a change in accounting principles. Our ability also consists in adapting each job according to needs, timing and size. With an agile approach aimed at achieving the objective quickly and efficiently, we work directly with the top management right from the planning stages (analysis of the accounting impacts, development of adequate accounting policies and implementation of any system change is necessary for the review post implementation).
The conversion process to IAS / IFRS is not just a change in accounting standards, but involves the launching of a multidisciplinary project that mainly concerns the following areas:
- accounting and financial reporting and management reporting (such as the identification of the information required for IFRS purposes, for each industrial sector and the choice of accounting policies, according to the performance indicators relevant to each specific company;
- information and communication with third parties including management of the relationship with investors, aimed at maximizing and communicating outside the value produced by the company.
- information systems (e.g. integration and modification of IT systems, budgets, internal reporting, for collecting the information needed to prepare an IFRS balance sheet,
- business and support processes (eg development of the new group manual, for the communication to the peripheral units of the new requirements of the IFRS financial statements;
- other aspects (such as training, possible impact on contracts, etc.).
- Assistance of specialists, tax consultants, actuaries, legal, for the resolution of new and complex problems presented by the transition to IFRS;
On the basis of our experience, the transition to IAS/IFRS is planned by adopting the following approaches:
- Modular approach: separating the process in different stages helps the transition to be phased in and to strengthen the results of each stage before starting the following one;
- Multidisciplinary approach: each operation has to be planned by counting on highly skilled resources;
- Customized approach: according to the impacts and/or priorities of the client, our approach is customized for the client's needs.