Фото: Transition to IFRS for small and medium-sized businesses: step-by-step instructions

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Nataliia Moroz


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Transition to IFRS for small and medium-sized businesses: step-by-step instructions

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Transitioning to International Financial Reporting Standards (IFRS) can be a daunting task for small and medium-sized businesses (SMEs). However, with careful preparation and the right sequence of actions, this process can be carried out effectively.

The transition to IFRS allows enterprises to comply with international financial reporting standards, which increases the transparency and comprehensibility of financial data. This, in turn, helps to attract foreign investors, facilitates access to international capital markets, and helps to strengthen confidence in the company's financial statements. In addition, compliance with international standards can reduce the cost of capital and increase the company's competitiveness.

In practice, the transition to IFRS means not only a change in accounting approaches, but also an improvement in the management of financial information, which provides a more accurate reflection of the company's financial condition and facilitates strategic planning.

Step-by-step instructions that will help SMEs to switch to IFRS

  1. Assessment of the readiness of the enterprise. This includes analyzing factors such as:
  • The size and complexity of your business.
  • Your financial resources.
  • Your level of awareness of IFRS.
  • Availability of qualified personnel.
  1. Choosing a transition plan to IFRS. There are two of them in total:
  • Full retrospective application: This method involves restating all financial statements for previous periods in accordance with IFRS.
  • Modified retrospective application: This method involves reporting only the financial statements for the current year and comparable periods of the previous year in accordance with IFRS.
  1. Development of an accounting policy according to IFRS:
  • Accounting policy according to IFRS is a document that describes the accounting principles and methods used by an enterprise to prepare financial statements in accordance with IFRS.
  1. Personnel training:
  • It is important that your staff are familiar with IFRS and understand how it will affect their work.
  1. Implementation of IFRS:
  • This is the stage when you start using IFRS to prepare financial statements.
  1. Monitoring and evaluation:
  • It is important to regularly monitor and evaluate the transition process to make sure it is going according to plan.

Consult a specialist

It is important to note that the transition to IFRS can require significant time and resources. However, it can bring a number of advantages for SMEs, such as:

  1. Increasing the transparency and reliability of financial reporting.
  2. Improving access to capital.
  3. Increasing opportunities for conducting business at the international level.

For more detailed information on the transition to IFRS, it is recommended to contact a qualified accounting specialist or auditor.

How to choose a specialist?

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  • When choosing a specialist, it is important to take into account his experience in the field of IFRS, knowledge of current legislation and reputation.
  • It is recommended to contact several specialists and compare their offers.
  • It is important to make sure you are clear about what services you need and how much they will cost.

Remember that the transition to IFRS is an important step for your business that can have significant consequences. That's why it's important to seek the help of a qualified professional to help you make this process run smoothly and efficiently.

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