GAAP Conversion- Conversion from Local GAAP to IFRS, USGAAP or UKGAAP
Preparation of full fledged financial statements as per UKGAAP, IFRS and USGAAP
First time adoption of UKGAAP, IFRS and USGAAP
Accounting Change- Transition and implementation of new accounting standards as issued under IFRS, UKGAAP and USGAAP
On call accounting advisory- Accounting opinion on an complex accounting matter as per IFRS and UKGAAP
Accounting manual preparation as per IFRS
When you work with Mowery &Schoenfeld, you have a knowledgeable partner who understands the process of converting and is experienced in helping companies like yours through it. Our team helps you convert to IFRS from GAAP or GAAP to IFRS, provides IFRS implementation guidance and technical support, and trains your staff on procedures.
We complete the conversion in four phases:
Preliminary Impact Assessment
In the first stage, we identify the differences between GAAP and IFRS, determine any additional financial reporting requirements, develop a timeline for conversion, recommend a conversion strategy, and establish training needs.
At this point, we review detailed financial data, determine needed policy changes, examine tax and valuation requirements, analyze the impact on the financial reporting system, and develop the detailed conversion plan.
In the third phase, we train all relevant staff, finalize updated converted accounting policies, determine changes to internal control processes to expedite future reporting, prepare full financial statements and create a plan for internal and external communication.
Post-Implementation Review Final converted financial statements are reviewed to determine if changes are required in the statement reporting and close processes, and plans are made to automate the new process.
Our team is comprised of CPAs with experience in international departments at major accounting firms known for their expertise in IFRS/US GAAP. We offer comprehensive assistance for publicly listed corporations in adopting IFRS. While there are some items which can be converted to IFRS just by changing the accounting entries, there are also some that transform a business’ operations, such as the format of contracts on revenue recognition, pricing methods for services, currency hedge strategy, and M&A strategy. In addition, IFRS requires the disclosure of information about discontinued operations, goodwill impairment methods, and the financial impact of interest and exchange rate variation on profit and loss. This is much broader than Japanese or US standards and greatly increases management’s accountability to explain the details of their operations. We present these issues clearly and propose detailed and comprehensive solutions.
The standard steps that we recommend for IFRS adoption are:
Identify the impact of the major differences in accounting standards with our standard check sheet.
Prepare a concrete roadmap for IFRS implementation. The roadmap contains measures to address the items which affect the business’s operations and we explain these to management.
Identify the practical issues in detail by using the roadmap established in meetings with management. At this stage, we address practical issues such as changes in transaction schemes, managerial accounting systems, and the IFRS consolidated reporting system, one by one.
Determine the range and extent of the accounting data necessary for IFRS reporting. After determining the data types, we assist in creating an accounting manual in order to enable IFRS reporting. We also assist in creating a global accounting manual (English).
Assist in revising the consolidation package to ensure compliance with IFRS.
Assist in the preparation of IFRS-compliant trial financial statements. In particular, since there is a wide range of disclosure information, listing all necessary reporting data is valuable at this stage.
Assist in IFRS training for domestic and overseas subsidiaries.
Provide an IFRS reporting checklist.
As IFRS becomes the recognized standard throughout the world, the need to convert to and from U.S. GAAP to expand internationally is becoming more visible. Whether you’re expanding out of the U.S. or establishing a presence here, Mowery &Schoenfeld will help you convert your financial reporting and accounting procedures to or from IFRS.
Our accounting specialists have the experience to assist you through each step of the IFRS conversion process, which can affect all aspects of your company — from accounting and IT to tax, compensation and more, making your transitional to global company a smooth one.
Multiple professional services under one roof (Accounting, Taxation and Legal support)
We provide businesses advice from qualified professionals with diverse experiences.
Our lower operational fixed costs helps startups allocate more funds elsewhere.
We provide cost effective solutions that are easy to implement.
Our diverse professionals provide hassle free support reducing management involvement in back-end activities.
We dedicate a team member to ensure accountability to a startup.
CA, B.com (H)
Shyam Goel is the founder partner of the company and serving the profession since 1990. He carries vast experience in the field of Accountancy, Audit, and Corporate Law Matters. His strengths include excellent drafting, communication and management skills. He is the guiding force with 25 years in professional field.
Gopal Bansal is currently leading the Managing partner of the comapny. He is serving the profession since 1994 and has a good exposure in Indirect Tax,Direct Tax, Accounting, Assessment Proceedings apart from his acumen across the areas of Management & Operational Audits and Management Consultancy services.
Sanyam Goel has rich experience of Cross Border Transactions for various clients of the firm including International Taxation,IFRS and US GAAP. He is associated with the company for more than 6 years and has developed strong knowledge over the years. He has worked at senior positions in Ernst & Young.
Associate | Chartered Accountant
Vinay is a qualified Chartered Accountant and manages the Taxation service at accorptaxpro. He’s adept at transaction structuring with respect to Direct and Indirect taxation matters. He ensures that he is always updated on the amendments in the ever evolving taxation environment. When not at work, Vinay enjoys playing cricket and binging on street food.
He is currently leading the Inbound Investment Services wing of the compay. He has good exposure in Direct Taxation, Statutory & Internal Audits. He has a focused approach towards work & to this he has lead marketing, manufacturing and overall management assignments.His provides the clients an important opportunity to streamline and improve all aspects of reporting & understanding.
Govind Gupta leads the Indirect Tax team of the company. Serving the profession since 2002, he has vast experience in Sales Tax matters, Service Tax Compliances as well as new tax compliances under GST regime. Apart from Indirect Tax, he is well-equipped in providing Management Consultancy & other attestation services, including internal audit and due diligence.
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