In Nepal, the Institute of Chartered Accountants of Nepal (ICAN) mandates the adoption of Nepal Financial Reporting Standards (NFRS)—which are adapted from International Financial Reporting Standards (IFRS). Compliance is compulsory for public interest entities (PIEs), banks, insurance companies, and listed firms, and increasingly recommended for growing businesses.
Additionally, we provide consultation services regarding NAS for NPOs, NAS for SMEs and NAS for MEs. We help organizations transition smoothly to NFRS, enabling better financial transparency, investor confidence, and audit readiness.
Our IFRS/NFRS Services Include:
- Impact Assessment: Analyze gaps between existing practices and NFRS, assess impact on financial statements, internal controls, and systems.
- Conversion Strategy: Tailored transition roadmap based on your business size, sector, and complexity.
- Financial Statement Preparation: Convert and restate financials in NFRS format, including opening balances and comparative figures per NFRS 1.
- Policy & Chart Alignment: Draft and implement NFRS-compliant accounting policies and restructure chart of accounts.
- Training & Capacity Building: Conduct in-house training for finance teams, auditors, and decision-makers to ensure in-depth understanding of NFRS requirements in the Nepali context.
- System Readiness: Advise on necessary changes in accounting software/ERP for automated and compliant reporting.
- Ongoing Support: Provide assistance with annual NFRS reporting, audit queries, and regulatory disclosures.
We make the complex process of IFRS/NFRS conversion seamless, relevant, and aligned with Nepal’s regulatory framework.