IFRS. A prerequisite to expand internationally
A still growing number of European companies are affected by the obligation to use International Financial Reporting Standards (IFRS) throughout the EU. This need to report under IFRS is not limited to listed companies. More and more non listed multinationals, subsidiaries and investment schemes are subject to complying with IFRS.
IFRS are continually evolving and require experienced resources to face additional burden and new layers of complexity.
As opposed to the “rule-book” approaches of many traditional GAAP, IFRS approach is often considered to be “principle-based”. Clearly defined principles provide many advantages as the ability for the preparers to consider the best way to account for and report a transaction and an increased comparability among companies. On the other hand, disadvantages include potential variations on accounting approaches for the same transaction and need to provide additional disclosures in response to such a principle-based approach.
YOUR CHALLENGES
As an executive of the company you would like to:
- Assess impact on converting to IFRS on first time adoption
- Measure the impact of new and amended IFRS standards on the financial position and the performance of your company
- Be timely informed on any changes to IFRS and of their impact on your organization
- Have IFRS accounting policies in place
- Obtain support to test impairment and valuing assets and liabilities requiring fair value measurement
- Determine purchase price allocation in case of business combinations
- Make balanced, proportionate and clear disclosures while preparing IFRS financial statements
- Ensure that all relevant personnel are trained and knowledgeable
Click here to read more on the way Acertis is able to meet your needs.