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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 Lease

January 1, 2019

IFRIC 23 Uncertainty about Tax Treatments

January 1, 2019

Modifications to Standard IFRS 9 – Advance Payment Features with Negative Compensation

January 1, 2019

Modifications to Standard IAS 28 – Long Term Participations in Associates and Joint Ventures

January 1, 2019