Get Our Profile
IFRS Standards are set by the International Accounting Standards Board (IASB Board) and are used primarily by publicly accountable companies—which are listed on a stock exchange and by financial institutions, such as banks.
Standards set by the Board's predecessor body, the International Accounting Standards Committee, are called IAS Standards. These Standards have the same status as the IFRS Standards.
The impact of adoption of IFRS stretches far beyond accounting and financial reporting to affect key business decisions. Access to up-to-date guidance and timely advisory is essential revised standards are implemented. Consistent interpretation and application is also important for companies operating in a global environment.
Go Global with IFRS
Over the past years Cross border transactions trade and flow of international capital has grown remarkably, completely transforming the global economy, ultimately gave rise to highly competitive market.
Understanding this transformation is as important as understanding the importance of financial information interpretation and presentation.
IFRS - Why so Important?
- Encouraging Investment Opportunities :
- Financial statements prepared using IFRS – Globally accepted accounting standards help investors in better understanding of investment opportunities as compared to financial statements prepared using a different set of national accounting standards.
- Comparability of financial statements of any two companies anywhere in the world.
- Same language helps in better undertanding of competetion and hence strengthen our business.
- Better ability to attract more clientele.
- Increasing the confidence of users of financial statements.
- For multinational companies :
- Consolidation of group financials made easier.
- Access to International funds made easier.
- Accounting and Audit function made easier.
- Compliance with capital markets worldwide made easier.
- Mergers & Acquisition made easier
Even a small difference in requirements could have a major impact on a company’s reported financial performance and financial position – Make Wise decision and Go global with IFRS & M Al Ali Auditing