International Financial Reporting Standards

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IFRS Compliance

Fareed Sheik LLP has gained extensive experience in International Financial Reporting Standards (IFRS) implementation; convergence and readiness by assisting the clients succeed in their process of compliance with IFRS requirements. We also audit the financial statements prepared in accordance with IFRS. Our professionals are experienced in dealing with IFRS matters. They have the necessary skill and training in converging Canadian GAAP to IFRS and make the transition smooth and easy. We provide guidance and training on a step by step basis to ensure the convergence is going in the right direction.

We have a phased approach to IFRS convergence which will make your road trip a smooth and pleasurable. Our approach ensures avoiding last minute surprises, and cost/time overruns. We also guide our clients to best practices that we have seen and practiced and experienced with other clie

Our IFRS specialists can assists you with, among other things, the following matters

  • Accounting consultancy services
  • Audit
  • Assistance with preparation of the financial statements in accordance with IFRS
  • Selecting accounting policies with respect to making decisions between the alternative treatments allowed.
  • Decisions about initial recognition and measurement in accordance with IFRS, in specific situations
  • Identification of additional information needed for compliance with disclosures required by IFRS
  • Set up or amendments of IFRS charts of accounts
  • Proposals or reviews of transfer bridges between charts of accounts for the purpose of compliance with different
  • individual accounting frameworks or with Czech tax legislation
  • IFRS trainings of the employees
  • Designing group reporting forms and group reporting instructions in relation to collection of relevant information from
  • individual divisions or subsidiaries
  • Proposals of amendments to existing information systems
  • Converting of internal management accounts to IFRS
  • Audit of the financial statements and consolidated financial statements prepared in accordance with IFRS
  • Audit of the group reporting forms prepared for the consolidation purposes of the parent company in accordance wit group accounting manual based on IFRS.