IFRS / NFRS Consulting
International Financial Reporting Standard (IFRS) have been evolving into a global benchmark. A multitude of companies have already adopted IFRS into their local regulations and many more are in the process of converging with IFRS. The implementation of IFRS in Nepal is still ongoing and its convergence with IFRS will significantly result in significant changes in the global financial reporting world.
For most companies, first time adoption of IFRS is a challenge because it is a separate project which needs the expert personnel and special dedication of time, which is not possible from the regular staff who are entrusted with routine office work. Moreover, regular compliance of IFRS requirement is seen as an enormous challenge in global market. ABS’s experts have extensive knowledge and excellent technical skills in this field. We stay abreast of changes in the regulatory environment and we are experts in many GAAPs including NAS, INDAS.
- Conversion of local GAAP accounts to IFRS / NFRS, including assistance in first time adoption of IFRS / NFRS (converging from local GAAP into IFRS / NFRS)
- Providing analysis of the convergence to IFRS / NFRS
- Quantification of the impact and solutions for the implementation
- Assistance to the preparation of IFRS / NFRS accounting manual
- Review and preparation of IFRS / NFRS -compliant accounting policies, pro-forma financial statements and disclosure formats, including assistance with selection of IFRS / NFRS accounting policies with respect to making decisions between allowed alternative treatments
- Preparation of IFRS / NFRS financial statements
- Assistance to clients in handling IFRS / NFRS matters with auditors
- Assistance in technical transactions (i.e. business combinations, mergers and acquisitions, interpretation and implementation of new IFRS / NFRS standards, IPOs, etc.)
- Providing outsourced IFRS / NFRS services to clients
- Conducting IFRS / NFRS trainings to external client staff