Accounting Changes (Conversion)

Accounting Changes (Conversion)

The need to convert to a new accounting frameworks arises for various reasons. Financial reporting is becoming more complex, and the pace of change is accelerating. At the same time, investors and other stakeholders place significant value on transparency in financial reporting. The need for a accounting framework change often arises in connection with a stock exchange or market listing, ownership diversification, acquisitions, sales, or when a company has grown to a size where a different accounting framework is more suitable. 

Regardless of the reason, implementing a new accounting standard framework is often a relatively complex and time-consuming process. Based on our experience, it is essential that the project is anchored with the board and management. Additionally, it requires strong engagement from the company’s employees, both within and beyond the finance department. 

With RSM’s assistance, you can transition from your current accounting framework to a new one as smoothly and reliably as possible, without diverting focus from your operations. RSM’s experienced and flexible specialists can assist with conversions from K3 to IFRS or from K2 to K3. 

Your needs determine how we support you. We can manage a full conversion or specific parts of it. Our services can include:

• Phase 1: Preliminary Study We provide a current state analysis along with recommendations and an action plan. 
• Phase 2: In-depth Analysis This includes analysis per standard, calculations and detailed evaluations. 
• Phase 3: Implementation We assist in implementing the new framework, including preparing your initial financial report (interim or annual report) or developing an accounting manual. 

Throughout the process, we offer ongoing support and training, ensuring you have the necessary documentation to succeed.