Financial Reporting Services
More than 100 countries on all five continents require or permit the use of IFRS. Major economies in Asia-Pacific, North America and Latin America have set out a time line towards the full adoption of IFRSs.
Many Malaysian companies have adopted MFRS since 1 January 2012. Private entities shall adopt MPERS or MFRS on or after 1 January 2016.
Whether you are already compliant or planning to adopt IFRS/MFRS/MPERS, Mazars can help you.
At Mazars, we developed a comprehensive knowledge of IFRS/MFRS/MPERS. Our approach is practical and focused on the substance of the transactions. We always favour the economic view.
Our experience was gained largely in Europe where IFRS was adopted in 2005, building up substantial expertise across various sectors including insurance, banking, retail, media, property, telecom, power, manufacturing, agriculture and transport. Our IFRS Team comprises partners and senior staff members located in offices around the world in Asia Pacific, Europe, South Africa, South America and the USA.
We are an active player in the IFRS standard-setting process as Mazars is widely recognized for its technical skills. Mazars is a member of the MASB Issues Committee.
Our experts can:
- Help you understand the effects of a new Standard or Interpretation.
- Present you the forthcoming changes in IFRS/MFRS/MPERS.
- Audit purchase price allocation in accordance with IFRS/MFRS 3.
- Audit the accounting for financial instruments and hedging.
- Review the compliance of the financial statements (presentation and disclosures).
- Provide IFRS/MFRS/MPERS training courses.
Mazars has many years of experience in helping clients with their transition to new financial reporting framework; and in assisting them around the world to provide accurate and meaningful financial reporting.
We work closely with our clients and follow a project structure, which we tailor to individual needs. Strong teamwork, solution driven advice and ready access to technical experts are the hallmarks of our approach.
As advisor, Mazars can help you through all stages of the IFRS/MFRS/MPERS reporting lifecycle including:
- Early diagnosis of major differences.
- Evaluation of the impact of the transition.
- Tailored training of your staff.
- Project management approach to IFRS/MFRS/MPERS transition.
- Advise on complex issues (e.g. financial instruments, business combinations, etc.).
- Assessment of IT system changes.
- Management of stakeholders’ perception.