Accounting and Transformation  

This is an alternative to hiring employees. This solution is advantageous for Medium or Large Business Owners who can delegate their accounting responsibilities to specialists.

It is necessary to clearly specify the requirements for the automation system before making a decision about the way of the steps of automatization of the IFRS reporting . For the beginning we need to determine parameters of an entity:

The purpose of reporting under IFRS:

  1. You need only the final result
  2. Process of computations of financial results
  3. Either we  are planning to lead all accounting to compliance with international standards on permanent basis

 

  • The extent to which the business is diversified;
  • What way of automation is currently in use or your company is only planning the introduction of an automated system;
  • Condition and quality of maintenance of computer networks in your company;
  • The required level of details of your reporting;
  • The required frequency of reporting;
  • The time frames for the project.

You also need to remember that reporting under IFRS can be obtained in several ways:

  • Method of the parallel accounting;
  • Method of transformation to IFRS.

The most challenging in terms of implementation is the first method - the parallel account, but it allows to provide the highest level of reporting compliance. From the viewpoint of automation level, the parallel accounting should significantly reduce the labor-consumption of additional statements’ preparation at the end-user level.

Accounting system built in compliance with IFRS will provide you with timely and reliable information for external users (investors, creditors), that would be critical for efficient management’s decisions.

We will help you tailor your accounting system under IFRS and such technical issues as separate chart of IFRS accounts, data translation (mapping accounts), preparation of statements, translation into the presentation currency.  These tasks will become for you an easy and simple. Crowe A&A Ukraine and Crowe Erfolg Ukraine  will provide you with a help in adapting of accounting system to particular features of your business. We will provide you with all the necessary advice and technological support.

Contemporaneity dictates conditions - specialist should be sure in correctness of their actions!  With us you will always be sure in each your step!

 

Crowe Accounting