There is a need for companies to start complying with the new International Financial Reporting Standards (IFRS). IFRS and International Accounting Standards (IAS) were created by the International Accounting Standards Board to promote internationally comparable financial statements. Regulation 2002/3626 requires thousands of listed companies in the European Union to prepare their consolidated financial statements in accordance with IFRS/IAS. |
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That has serious implications for all companies. Publicly traded companies need to comply with IFRS while maintaining compliance with local tax, and other regulations – thus requiring two sets of financial statements. Non-listed companies are also required to issue IFRS-compliant financial statements as capital markets require consistent financial reports before making investment decisions.
Intelligroup can help companies maintain parallel accounting that supports both IFRS and local regulations. We can help you with an effective conversion to IFRS, and allow you to accommodate the differences between IFRS and local generally accepted accounting principles (GAAP). Intelligroup can help achieve IFRS compliance by implementing solutions based on SAP ERP Financials, Oracle Hyperion, or IBM Cognos.
Services
Business consulting: Understand gap between US GAAP and IFRS; Financial reporting compliance.
Implementing: IFRS compliant reporting, Easy conversion to IFRS |