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IFRS

Application of international accounting standards

The number of organizations that need to prepare financial statements according to international accounting standards is increasing. IFRS facilitates comparability between companies and makes communication with investors and other stakeholders across national borders simpler. As a result of these advantages there is growing interest in IFRS even those companies that are exempt.

Local, and in some cases industry-specific standards, can lead to business, organizational and technical challenges for some organisations. In the insurance industry, IFRS 4 states that insurance contracts are evaluated according to differentiated criteria. Implementing standards often involves a great conceptual effort and requires complex corporate co-ordination between accounting and underwriting departments.

ConVista can assist in your conceptual work and in the implementation of solutions, mapping your business requirements, and customizing the solution to meet the specific demands of your company.

Our range of services encompasses far more than just delivering specific requirements for individual and consolidated financial statements according to IFRS. ConVista has many years’ experience in mapping parallel accounting in the SAP environment and can implement the different recognition, valuation, and presentation rules in accordance with IFRS for both internal and external reporting.

  • IAS 1 (Presentation of Financial Statements)
  • IFRS 4 (Insurance Contracts)
  • IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations)
  • IFRS 8 (Operating Segments)
  • IFRS 9 / IAS 32 / IAS 39 (Financial Instruments)
  • IFRS 13 (Fair Value Measurement)
  • IAS 7 (Statement of Cash Flows)
  • IAS 38 (Intangible Assets)

Laszlo Kaploczki

+43 1 339 520 311 920