TransitionIFRS methodology

Rapid-GAAP methodology

PwC has developed a flexible and time-efficient methodology called Rapid-GAAP methodology. Rapid-GAAP enables an efficient and effective transition to IFRS with minimum required changes. This is relevant for all companies falling in Phase I timeline of IFRS implementation and other companies directly intending to have IFRS set of financial statements.

TransitionIFRS methodology

Through 12 years of successful conversions across Europe, Asia and the US, PwC has developed and honed a leading practice methodology called TransitionIFRS. This can serve as a basis for you to consider in developing an approach to your own unique conversion process, positioning you to address your specific needs.

Features of the TransitionIFRS methodology

• Implemented by a broad network of experienced conversion specialists
• Considers the broader impact on the business, such as, accounting policies, people, financial reporting, tax and other business processes and systems, stakeholder management, statutory reporting and communications.
• Used by more than 1,300 companies
• Scalable and responsive to the unique complexities of each client’s business
• Establishes clear objectives with the client in the planning stage
• Applies a phased approach to IFRS conversions
• Is a framework that is supplemented by deep business process and technical accounting and systems skills