IFRS - Mazars - India

International Financial Reporting Standards (IFRS) became mandatory in the European Union for the year ended December 31, 2005. Today, almost 100 countries have adopted or are in the process of adopting IFRS as their accounting standards, including Australia, South Africa, China, USA and Canada. After years of discussions and debates, it is clear that International Financial Reporting Standards are becoming the accounting standard for the world.

IFRS conversion

For accounting periods that begin on or after April 2011, public interest entities, such as listed entities, banks, insurance companies & large sized entities are required to prepare their financial statements under International Financial Reporting Standards (IFRS). Interim accounts will need to be prepared under IFRS as early as September 2010. Work needs to start early enough to make necessary system amendments, manage expectations of shareholders and markets and produce IFRS compliant interim and year-end accounts.

Mazars, an International adviser with extensive experience of IFRS conversion

Mazars has an established IFRS taskforce, which has worked with large, multinational companies on full IFRS conversion as well as assisting smaller companies in assessing the impact of IFRS and dealing with conversion issues.

How Mazars can help

As advisor, we assist with:

· Early diagnostic of major differences : We are able to offer you the following services:

· Initial IFRS Impact Assessment : Highlights the key areas of your business that will be affected by IFRS and helps you decide upon your organisation’s conversion plans. This can extend to the preparation of proforma financial statements for your company under IFRS.

· Project support : Mazars project management system gives you a clear understanding of the project’s objective and of the work that needs to be done, enabling you to exert control over the project and transfer knowledge throughout the business.

· Tailored training programmes : We provide training programmes tailored to your specific needs, varying from a global overview of the impact of IFRS to technical half-day modules on key Standards.

· Full IFRS conversion : Mazars has the experience and technical expertise to undertake full IFRS convergence assignments.