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Implementation of International Financial Reporting Standards IFRS

The shift towards IFRS is a reality, so companies must be aware that their conversion to IFRS and implementation of the new regulations require a transformation that involves employees, processes and systems. The implementation of IFRS leads to an ongoing training and training of accountants in the new international standards because the standards and their interpretations change over time, which is why our professionals give them the opportunity to update accounting policies and evaluate the impacts on the financial statements of the companies based on the new international standards established by the IASB (International Accounting Standard Board), through the following processes: • Diagnosis and implementation in the adoption of IFRS for the first time • Diagnosis and implementation of new IFRSs in force • Personnel training A conversion and update planned and properly managed can present substantial improvements in the performance of the financial function, as well as better controls and cost reduction. The new regulations and modifications in force for the financial statements that require monitoring and analysis by the Companies that have already implemented these standards:

  Norm
  or modifications  
 Effective
  date  
IFRS 9 Financial Instruments January 2018
IFRS 15 Revenue from Ordinary Activities from Customer Contracts
  January  1, 2018 – However, according to a resolution issued by the Accounting
  Standards Board No. 005-2017-EF / 30, the application for entities with an
  annual filing period beginning on January 1, 2019 is postponed
IFRS 16 LeaseJanuary 1, 2019
IFRIC 23 Uncertainty about Tax TreatmentsJanuary 1, 2019
Modifications to Standard IFRS 9 – Advance Payment Features with Negative CompensationJanuary  1, 2019
Modifications to Standard IAS 28 – Long Term Participations in Associates and Joint VenturesJanuary  1, 2019