International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world. It is helpful for companies that their financial statements are according to international standards. This maintains their competitiveness and increases trust while making them attractive to foreign investment. Our Financial Reporting professionals are qualified chartered accountants with extensive practical experience in financial reporting across multiple jurisdictions and under various accounting frameworks. By adopting IFRS, a business can present financial statements on the same basis as foreign competitors, making comparison easier. Our financial reporting experts provide the critical functional and project management expertise necessary to cost-effectively prepare for and manage non-routine situations such as the transition to new accounting standards.
Furthermore, companies with subsidiaries in other countries that require or permit IFRS may be able to use one accounting language company-wide. Companies may also need to convert to IFRS if they are a subsidiary of a foreign company that must use IFRS, or if they have a foreign investor that must use IFRS. Companies may also benefit by using IFRS if they wish to raise capital abroad. Management of companies domiciled in and outside should consider the implications of a transition to IFRS. The first step is for management to develop a point of view around the perceived benefits and costs of implementing IFRS if given the choice to adopt it. We also help companies establish effective internal control over financial reporting. We apply a top-down, risk-based approach to implement a cost-effective compliance process.
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