IFRS Conversion for a Mid-Sized Company

Intro

Expanding companies often require IFRS-compliant financials to attract investors or meet cross-border reporting needs. This case details how we managed a complete IFRS conversion for a regional logistics company.

Client Background

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The client operates logistics and contracting services across Oman and the UAE. Investors requested IFRS-compliant statements as a condition for expansion funding.

Challenges

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• No documented accounting policies
• Complex IFRS 15 revenue requirements
• Asset reclassification and depreciation corrections needed
• Missing documentation for restatement
• Team lacking IFRS disclosure knowledge

Solution

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1. Gap Assessment

• Compared local GAAP with IFRS standards
• Identified misclassifications and missing disclosures

2. Restatement of Financials

• Restated opening balances
• Implemented IFRS 15 and IFRS 16 adjustments
• Revalued assets where applicable

3. Policy & Template Development

• Created IFRS-compliant accounting manuals
• Built disclosure templates and new chart-of-accounts structure

4. Training & System Configuration

• Delivered in-depth IFRS training
• Updated ERP settings for IFRS reporting

The conversion improved transparency, enhanced investor confidence, and enabled regional expansion.