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Audit of financial statement

Learn more about IFRS

In January 2018, new IFRS - IFRS 15 Contracts with Customers and IFRS 9 Financial Instruments will be implemented.  The implementation of another standard - IFRS 16 Leasing - is planned for January 2019. New standards may significantly impact the values recognized in financial statements of the entities as well as profitability, debt and other ratios important in case of using external sources of capital. The aforesaid changes may significantly affect the reporting of the KPIs to all interested parties.  With the above in mind, it seems of key importance to prepare the implementation procedure appropriately, thoroughly analyze the impact of the new standards on the Company's accounting and have a transparent and merit-based dialogue with shareholders and analysts regarding new amounts recognized in the financial statement and their meaning.  It is essential for the implementation process to make a decision on the manner of implementing such changes, i.e. to choose one of the two alternative implementation methods: full or modified retrospective approach.  While considering the fact that the implementation of the new principles may require thorough analysis of a number of executed contracts, remodeling of the system for collecting and processing data or remodeling of the applied IT systems, the time left for the implementation is very short.

Therefore, we recommend using knowledge and experience of PKF specialists while implementing the new IFRS.

If you have any questions or concerns - please contact us.

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