Who are the intended participants?
- Chief financial officers.
- Executives and managers.
- Other key personnel who decide on an entity’s strategic issues.
Conversion to IFRS
- Trends in and reasons for conversions to IFRS: financing, economic globalisation.
- The procedural management of conversions – company executives, finance and IT departments.
- The circulation of information.
- Examples of the basic differences between Czech GAAP and IFRS in their demands on the individual levels of management and staff focusing on the notes to the financial statements.
- Technical aspects of conversion (accounting system, excel).
Procedural approaches to consolidations
- Consolidation obligation.
- Demands on company executives, finance and IT departments.
- System solutions and their pros and cons (Excel, Eureka, Tagetik).
- Expense calculations for HR system solutions, the circulation of information and software solutions.
Changes in functional currencies
- Functional currency rules and reasons for the transition to another functional currency.
- Transition variants (e.g. one vs. two account headings and their modification).
- Risks of given variants (e.g. fines from the tax authorities, incorrect outputs).
- Change procedures for the chosen variants.
- Costliness and benefits of solutions (human factor, software, business value of information, risk of mistakes).
After the completion of the course, you will be able to:
- Effectively manage the conversion of your company to IFRS and another functional currency.
- Identify procedural risks and shortcomings in the transition to IFRS and/or in the planning of your company’s initial consolidation.
- Appreciate the costliness and the benefits of the individual solutions to the transitions to IFRS or to another functional currency or to the initial consolidation.