Our IFRS qualified professionals help clients in preparation of their standalone and consolidated financial statements, which may require: retrospective treatments for restatements of financials, re-validating complex accounting treatments, impairment testing and provisions computations, revenue recognition for contracts, share-based compensation, revaluation and fair value accounting models, defined benefit obligations of pension plans, present value measurement and amortization.

We also provide guidance on recording and reconciling of Islamic financial instruments under sharia standards, as: murabaha, Ijara, tawaruq, wekala, mudaraba, and sukuk.

We help our clients establish effective internal controls over financial reporting through applying a risk-based approach to implement a cost-effective compliance process. 

Our approach relies on identifying and assessing relevant risks before designing remedial financial controls, such as:  chart of accounts, accounting manuals, documentary cycle, and operating procedures. We also help companies in development of ERP systems to ensure integrity of data, accuracy of financial information, and protection from manipulation of fraudulent attempts.  We evaluate evidences supporting controls within and around the IT system to ensure its adequacy and effectiveness.

We offer a range of ACCA courses on International Financial Reporting Standards, including the Certificate in International Financial Reporting. IFRS certification – CertIFR helps candidates understand how IFRSs are used around the world, examines the fundamental requirements of IFRS on a standard-by-standard basis, and provides guidance on how to use IFRS in practice. 

We also offer the Diploma in International Financial Reporting - DipIFR, which helps practitioners apply relevant financial reporting standards, identify disclosure requirements in financial reports, and prepare group financial statements for subsidiaries, associates, and joint ventures.

IFRS 9 introduces a new forward-looking impairment model, requiring companies to provide for expected credit losses, which is more complex and significantly more subjective. This new principles-based approach requires judgement to ensure that financial assets are classified appropriately. (Image source: EY)

IFRS 15 establishes principles in relation to the nature, amount, timing and uncertainly of revenue and cash flows arising from a contract with a customer. Changing the methodology of when and how to recognize revenue widely impacts any organization from multiple aspects that alter the bottom line profit.

IFRS 16 specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. (Image source: EY)