Accounting policies and procedures define how companies record and report their financial information. They help accountants to treat transactions in a standardized manner. Accounting policy acts as a roadmap for the application of accounting standards and removes variance in employee judgment.
Establishing and maintaining good accounting policies and procedures for your organization is an investment of time and attention. There is no unified solution and creating an accounting policies and procedures manual should be tailored depending on the size of the organization, complexity, staffing and business model.
We assist our clients in the process of preparation or change of accounting policy documentation and their implementation within a company or across group companies. Our services related to accounting policies and their implementation may include the following:
- establish an appropriate IFRS accounting policy or revision of the company’s existing accounting policy;
- design of accounting procedures and processes;
- assistance with selection of appropriate accounting policies;
- setup or customize of standard chart of accounts;
- consult on the practical application of accounting policies;
- assess quantitative and qualitative impacts of changes in accounting policies;
- conversion from local accounting practice to IFRS.