IFRS Conversion

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IFRS Conversion

IFRS Conversion

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Agreement to avoid double taxation
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To assist in consolidating the subsidiary’s financial statements with the parent company’s financial statements according to IFRS, the following approach is taken:

1. Identify Differences and Develop a Conversion Plan

Understand the differences between VAS and IFRS and assess their impact on the financial statements during the transition.
Determine which differences are applicable and which are not.

2. Develop IFRS Financial Statement Template

Create a concise and compliant financial statement template tailored to the company’s characteristics.

3. Develop a Detailed Account System

Identify data conversion items and determine initial figures through retrospective adjustments.
Handle balance reclassifications and adjustment items to ensure the accuracy of the financial statements.

4. Convert VAS Data to IFRS

Identify data conversion items and determine initial figures through retrospective adjustments.
Handle balance reclassifications and adjustment items to ensure the accuracy of the financial statements.

5. Prepare Financial Statement Data and Notes

Summarize and prepare data according to the reporting template.
Collect and disclose detailed information required for financial statement notes

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SAMMA CONSUTING COMPANY LIMITED

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