If you are required to prepare accounts according to the International Financial Reporting Standards then our firm will help you understand and apply IFRS to your business and comply with their requirements.
Find out if you are obliged to prepare accounts according to the IFRS rules by reading further below.
The need for IFRS
The financial world was using too many different sets of rules and standards to prepare reporting documents such as accounts otherwise called as financial statements.
There was the need for an internationally recognised common set of standards that would help entities from around the globe to prepare accounts based on these common rules and be comparable, consistent in reporting and compliant with other countries regulating bodies such as stock exchanges and regulated markets.
These common set of standards are the International financial reporting standards or IFRS in short.
It is the framework of accounting standards and principles that have been designed to apply as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external. They are required by the European Union to all listed companies since 2005.