Implementation of IFRS

The lack of consistency, comparability and transparency of financial statements prepared in different countries using different standards and accounting principles has had negative consequences for the confusion in interpreting financial statements. Because of these trends it has been developed a set of global accounting standards - International Financial Reporting Standards IFRS.

 

For the implementation of IFRS, based on the experience of the IFRS MGI team, we support your Company in the following:

  • Establish a strategy and global vision IFRS, including a map of implementation to achieve the following objectives.
  • Assess options and policy alternatives for first-time application, and use this information to establish clear policies and effective implementation.
  • Create project teams in the enterprise / business line to provide continuous technical and logistic support.
  • Conduct a survey of accounting policies used to identify the fundamental differences in accounting principles that could affect the Company, to focus the efforts towards these key areas.
  • Develop training content and provide training to personnel involved in the transition.
  • Establish guidelines for the business process and development of systems that allow efficient and effective management of information.
  • Incorporate appropriate changes to current accounting policies and procedures manuals.
  • Create a process of reconciliation between the Financial Reporting Standards - IFRS and Ecuadorian Accounting Norms - NEC to confirm the integrity of the data.