What is IFRS?
International Financial Reporting Standards (IFRS) set common rules or policies so that financial statements can be consistent, clear, and comparable around the world. These IFRS Standards are set by the International Accounting Standards Board and are used mainly by publicly accountable companies, listed on a stock exchange and by financial organizations, such as banks.
IFRS Impact Assessment And Conversion Services
When a new IFRS or revision to an existing IFRS has taken place, its effect needs to be assessed to understand the impact on revenue, expenses, assets and liabilities of an entity. In some other cases, the impact could be on both; financial figures as well as on the disclosure requirements. It is important to do an analysis of impact on introduction of IFRS well before preparing a financial statement to report to the stakeholders and/or to the public.
Our Qualified and experienced business consultants provide IFRS Services to our clients by assisting them with the conversion of their current primary accounting standard to IFRS.