Feasibility studies
1-Carry out the market survey according to the project’s field.
2-Present a complete report that provides the following information:
• Production Capacity
• Cost of Capital
• Total Investment Required
• Financing Body
• Estimated Production and sales
•Estimated Operations Cost
• Forecasted Profit
• Cash Flow
3-Provide support during the discussion with the Egyptian Authorities.
Impact analysis of adoption and implementation of new/ revised IFRS standards?
IFRS impact assessment is one of the IFRS services provided by us. IFRS impact assessment is an assessment conducted when a new or revised accounting standard is implemented in any business from a specific date. Sometime the value disclosed in the financial statements needs to be changed while comparing with those normally disclosed under existing practice, because of a change in measurement of the item. In some cases, the impact will be only on information disclosed in the financial statement and may not necessarily impact the financial figures. In certain situations, item that were not accounted to date or had a different treatment earlier may change by adopting a new or revised one. In some other cases, the impact could be on both; the financial figure and the disclosure requirements.
• Why it is crucial to commence an IFRS impact assessment?
Anyways, whether the impact is on the amount to be recognized or the amount to be measured, or on the disclosure requirements, it is important to analyze the impact on the introduction of IFRS well before preparing the financial statements to report to the stakeholders and/or to the public. The management will then have a fair idea of the impact of such new or revised IFRS well before closing the financial year.
Some of the relevant IFRS, recently issued/revised or are in the process of the release, where the impact of such standards on the financial statements may be material for the entities are given below:
IFRS9- Finanical instruments
FRS9- Financial instruments
As per IFRS 9- financial instruments, the impact assessment will cover broadly the following:
1. Classification & measurement of Financial Assets & Financial Liabilities.
2. Impairment of financial assets & liabilities as per 3 stages impairment model.
3. Applying IFRS 9 through practical expedients.
4. Disclosure requirements as per standard.
The need for an impairment allowance is one of the requirements under IFRS 9 – financial instruments. It has to be done on a periodic basis and the change in the impairment allowance has to report in the profit and loss account.
• IFRS 17 – Insurance Contracts
IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provide a more uniform measurement and presentation approach for all insurance contracts. IFRS 17 supersedes IFRS 4 Insurance contracts and related interpretations and is effective for periods beginning on or after 1 January 2023, with earlier adoption permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial instruments have also been applied.
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