Case study
From Dutch GAAP to IFRS: turning a complex transition into consistent group reporting
Industry: International food producer (meat and plant-based products)
From Dutch GAAP to IFRS: turning a complex transition into consistent group reporting
How an international food producer transitioned from GAAP to IFRS and created a clear accounting and reporting framework.
An international producer of meat and plant-based products had recently transitioned from Dutch GAAP to IFRS. The technical conversion itself was complete. However, once teams started applying the new IFRS accounting & reporting framework in practice, new challenges emerged.
THE CHALLENGE
The transition to IFRS introduced significant changes across the organisation, including:
- Application of new accounting policies
- Changes in the chart of accounts and booking procedures
- Additional reporting requirements and disclosures
- Adjustments to underlying financial processes and systems.
During the conversion project, the organisation created a large amount of documentation to substantiate the transition and trained employees on the application of new framework, processes and systems. However, the information remained scattered across multiple documents and locations.
As a result, employees struggled to translate the new policies into their daily work. This, in turn, led to new challenges:
- Employees were unsure how to apply policies in practice
- Documentation was difficult to locate or interpret
- Group Finance received many ad-hoc questions
- Knowledge depended heavily on individual employees
- New staff onboarding lacked structure
This uncertainty created risks for the quality and consistency of financial reporting. Clearly, the organisation needed a way to make the IFRS framework more structured, clear, and accessible.
HOW WE HELPED
Fidugius supported the organisation in structuring and centralising its entire accounting and reporting framework.
First, we inventoried and analysed all existing IFRS documentation. We then wrote accounting policies that applied to the organisation as a whole. We engaged with the OpCo representatives to add practical examples based on the organisation’s own processes and transactions. This made the policies easier for employees to understand and apply.
In addition, we structured the reporting processes, including:
- Closing instructions and checklists
- Reporting calendars for actuals, budget, and forecast cycles
- Clear guidance on the chart of accounts and booking procedures
We brought all content together in the Fidugius Accounting & Reporting Manual, and implemented the manual in the client’s SharePoint environment. This way, the platform functions as a central and easy-to-navigate knowledge environment where users can clearly see the relationship between policies, accounts, treatments, disclosure requirements and the reporting processes.
After implementation, we trained key users within the organisation so they could independently maintain and update the content going forward.
IMPACT & RESULTS
The organisation now works with one central knowledge platform for accounting and reporting. This resulted in:
- Clear and accessible IFRS guidance for employees
- Fewer interpretation differences across teams
- A significant reduction in ad-hoc questions to Group Finance
- More predictable and efficient closing cycles
- Sustainable retention of IFRS knowledge within the organisation
And most important: the management team now benefits from more reliable and consistent reporting, providing a stronger basis for decision-making.
MATTHIJS DIJKEMA
”Our most important lesson: an IFRS transition is only successful if knowledge is truly secured. That is why we combine content, process, and technology in a single integrated approach, so that compliance is not only correct, but also workable.’’
