IFRS is the abbreviation of International Financial Reporting Standards. It decides on the standards on which the financial statements across the world can be compared and kept transparent. They intend to give the verdicts or explanations on how the businesses or organizations across the globe shall maintain their accounts and report the same simultaneously. The companies are abided to follow the standards set by IFRS, where they have to define all types of business transactions made along with the events that involve financial aspects.
Moreover, it became a beneficial aspect for the companies as the investors agree to put money on the companies that have their financial aspects on the table without any loopholes. IFRS needs to be implemented globally as it can be the prime asset for saving money on duplication accounting. In addition to that, it would also save the expenses of comparing and analyzing all the companies internationally.
Now around 120 nations require IFRS for their domestic listed companies. There are more 90 countries which have fully confirmed with IFRS as promulgated by the IASB(International Accounting Standards Board) and include the statement with acknowledgement for conformity in their audit reports. And many more countries have plans to transition to converge their national accounting standards with IFRS.
Here are some of the standard requirements that are imposed by IFRS:
- The Statement of Financial Position, also know as the balance sheet of the company, is reported.
- Income report is also added to IFRS by breaking down profit, loss, property, and other such income records.
- Equity Changes and Cash-flow reports are also added to the IFRS reports. Equity Change is referred to as the retained earnings of the company. Cash flow is the statement of financial transactions of the company in terms of investment, financing, and operations.
What it includes?
Our IFRS Advisory Services includes:
-IFRS adoption and implementation
-Impairment testing and modelling
-Revenue Recognition Processes and Controls
-Imparting Training to finance department
-Preparation and development of reporting procedure
IFRS advisory Service Benefits
IFRS can add a lot of benefits for your business.
-Transparency in reports
-Enhances reliability on financial statements
-Improved decision making process
-Makes VAT reporting easy
Why to choose Horizon Biz Consultancy?
We are known for providing IFRS advisory services in Dubai, UAE as we help clients with financial report preparation, IFRS financial statements, analysis of such reports in a timely manner and accurately.
Need IFRS advisory services? Feel free to contact us and relieve your worries.