Implemention of IFRS on New G/L

Question

Hello,
We are planning to implement IFRS with New G/L. what would be the guidelines to do it?
I was reading that recommendation is:
1. Migration of New G/L
2. Implementation of IFRS (why?)
Can I migrate previous fiscal year to make a comparation with the new fiscal year (already new g/l)?
How can I do it?
What are the impact on system level? Why?
Looking forward heard from you.
Thanks,
Silvia

Answer 1

Hi,
Find the below table for IAS (IFRS) standards
IAS 1 Presentation of Financial Statements 2003
IAS 2 Inventories 2003
IAS 7 Cash Flow Statements 1992
IAS 8 Policies, Changes in Accounting Estimates, and Errors 2003
IAS 10 Events After the Balance Sheet Date 2003
IAS 11 Construction Contracts 1993
IAS 12 Income Taxes 2000
IAS 14 Segment Reporting 1997
IAS 16 Property, Plant, and Equipment 2003
IAS 17 Leases 2003
IAS 18 Revenue 1993
IAS 19 Employee Benefits 2002
IAS 20 Accounting for Government Grants and Disclosure of Government
Assistance 1983
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003
IAS 22 Business Combinations 1998
IAS 23 Borrowing Costs 1993
IAS 24 Related Party Disclosures 2003
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Consolidated Financial Statements 2003
IAS 28 Investments in Associates 2003
IAS 29 Financial Reporting in Hyperinflationary Economies 1989
IAS 30 Disclosures in the Financial Statements of Banks and Similar
Financial Institutions 1990
IAS 31 Financial Reporting of Interests in Joint Ventures 2000
IAS 32 Financial Instrumentsu2014Disclosure and Presentation 2003
IAS 33 Earnings per Share 2003
IAS 34 Interim Financial Reporting 1998
IAS 35 Discontinuing Operations 1998
IAS 36 Impairment of Assets 2000
IAS 37 Provisions, Contingent Liabilities, and Contingent Assets 1998
IAS 38 Intangible Assets 1997
IAS 39 Financial Instrumentsu2014Recognition and Measurement 2003
IAS 40 Investment Property 2003
IAS 41 Agriculture 2001