NFRS Convergence Services

Plan for convergence of Nepal Accounting Standards to IFRS may create a requirement to convert the financial information from one GAAP to another or maintain financial information under more than one accounting frameworks. GAAP conversion may have pervasive effects throughout the organization, impacting all aspects of an entity, including financial reporting systems, taxes, internal controls, treasury, compensation structure, and legal aspects, among others. ICSCs professionals can assist in various ways in an entity’s conversion process including:

  • performing end-to-end conversion from local GAAP to IFRS

  • conversion from International GAAP to Nepelese GAAP for Nepalese consolidation

  • Project managing the conversion and consolidation process

  • high level diagnostic review of GAAP differences

  • suggest appropriate accounting treatment where IFRS provides option to choose between alternative accounting treatments

  • assisting with drafting IFRS financial statements

  • providing profit/ equity reconciliation from local GAAP to IFRS for management purposes