IFRS (International Financial Reporting Standards) or International Accounting Standards plays a very crucial role in financial reporting as countries across the globe followed IFRS for the preparation and presentation of the financial statements.
IFRS is the globally accepted Accounting standard so that company accounts prepared based on IFRS are more understandable and comparable. The adoption of IFRS standards will help the entities to simplify the accounting processes and improve efficiency.
In order to cope with the requirement of new challenges in the economy or to rectify the possible errors, or for a better presentation of the financial statements from time to time, the IASB;
Such newly issued or reissued IFRS will always be specifying the date from which it will be effective be considered in the financial statements.
The effect of International Financial Reporting Standards (IFRSs) needs to be assessed to understand the impact on – recognition, measurement, and disclosure on revenue, expenses, assets, and liabilities to an entity when a new standard or revision in existing standards takes place.
The increasing complexity of financial reporting and the rapid pace of change has led to a significant increase in demand for high-level accounting advice from an expert in the field. Our efficient and expert advisory team will help the businesses for the easy adoption and implementation of IFRS standards.
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