Converting to IFRS can feel like an overhaul of your existing accounting policies, but KPMG firms have a digital tool to help ease and streamline the process.
The KPMG GAAP Conversion Tool supports clients and KPMG professionals in performing the gap assessment as part of accounting conversion engagements.
It enhances collaboration and efficiency by providing smart online questionnaires to identify potential differences between the current accounting policies as applied by a client, and the requirements of the new GAAP to be implemented (IFRS).
Key features:
Collaboration between client and KPMG in an online environment
- Web-based tool accessed through a browser
- Clients and engagement teams access the same online location to answer questions on current accounting policies
Cater the questionnaire to the needs of the client
- Smart scoping features mean that the tool only shows accounting topics relevant to the client
- Reporting features create clear and easy to understand documentation of gap assessment process
Review potential accounting differences in real-time
- Identification of (potential) accounting differences based on answers provided
- Overview of these differences is populated in real time
Track the status of the gap assessment through integrated project management features
- See in one click which accounting topics have been prepared and which are in progress
- Use the integrated reporting features to track any unanswered questions
Access relevant IFRS guidance directly in the tool
- Quickly review IFRS guidance for the relevant question
- Efficiently learn IFRS materials
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