Companies are required to comply with International Financial Reporting Standards(IFRS) issued by IASB are required to converge by 1st April 2011 and required to report IFRS financial statement for the fiscal year ending 31 March 2012. Convergence to IFRS is not just an accounting exercise, but has enterprise wide impact.  Beginning with the presentation of the financial statements, classification of the information in the statements, interpretation of international accounting standard and its treatment, to the way business is run on a day-to-day basis, IFRS would have a significant impact on the entire enterprise.

At Mentoris, we have Subject Matter Experts in IFRS, ERP systems (SAP, Oracle and Navision) and core F&A business processes, thus making us a cost-effective end-to-end IFRS implementation partner.

Our Methodology

We start the pilot with Internal Education. This will be training sessions to Key Stakeholders including Finance and non -finance departments. By the end of this initiative, the management will be able to make potential judgments on the basics of the accounting differences and the challenges for convergence their organization should gear up to – both in terms of Functional and Technological.

We develop a convergence strategy evaluating possible scenarios and submit a gap analysis of the existing system and the impact on business. We will also advice you to the extent to which you need to do restructuring not only to your accounting standards but the underlying edifice of going to the transaction level changes.

Mentoris will create a Core Center of Excellence within your organization which will consist of personnel from Finance, Human Resources, Manufacturing, IT, Sales and as well as Investor Relations.

Transitioning from Local GAAP to IFRS requires enterprise wide technical, strategic, and operational changes

Complexity in transition process is two prong

• Methodical
• Strategic approach.