Implementation of IFRS

The International Financial Reporting Standards are a model for compliance with accounting regulations and standards worldwide. They provide a detailed presentation of the financial condition of an enterprise, allowing comparison of financial statements internationally.

The implementation of the IFRS is a real challenge for many entities, i.a. since they require a large amount of knowledge that needs to be assimilated and implemented over a short time. In order to meet the needs, REWIT supports companies both in the implementation of the International Financial Reporting Standards and in the audit of financial statements in accordance with these standards. We are constantly monitoring all changes in IFRS and IAS and sharing any information we get. We help clients to change the accounting policy in connection with changes in regulations and practices and changes applied in the structure of the group of companies.

As part of IFRS/IAS implementation, we follow such stages of work as:

  • identification of differences between the accounting principles currently applied and IFRS;
  • presentation of accounting policies acceptable under IFRS that can be selected and analysis of their impact on financial statements;
  • support in the calculation of adjustments to the financial statements necessary for the transition to the new standards when they are recognised in the books and financial statements;
  • assistance in developing new accounting policies or chart of accounts and implementing other changes in the financial reporting process;
  • assistance in preparing the first financial statements according to the new rules;
  • ongoing consultation and advice.
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