The International Financial Reporting Standards (IFRS), are a set of global accounting standards developed by the International Accounting Standards Board for the preparation of public company financial statements. With well over 100 countries using them, they are fast becoming the global accounting language.
Using IFRSs can help increase the quality, comparability and transparency of your financial information. Applying them correctly will increase your company's credibility and improve access to credit and investment opportunities.
IFRS 9 is the IASB’s new standard on financial instruments, which changes the classification and measurement, impairment and hedge accounting requirements.
Preparing your financial statements under IFRS International Financial Reporting Standards (IFRS) is challenging for any business. Each year the International Accounting Standards Board (IASB) publishes new Standards with the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures.
The IASB has issued IFRS 16 ‘Leases’, which specifies how lessees and lessors will account for leases. The standard requires most leases to be ‘on-balance sheet’.
Mergers and acquisitions (business combinations) can have a fundamental impact on the acquirer’s operations, resources and strategies. The assessment of whether one entity controls another (ie when a parent-subsidiary relationship exists) is essential to the preparation of financial statements under International Financial Reporting Standards (IFRS).
IFRS 15 Revenue from Contracts with Customers is the new Revenue Standard effective 1 January 2018. The Sstandard involves a 5 step model approach.
IFRS 9 is the IASB’s new standard on financial instruments, which changes the classification and measurement, impairment and hedge accounting requirements.
Mergers and acquisitions (business combinations) can have a fundamental impact on the acquirer’s operations, resources and strategies. The assessment of whether one entity controls another (ie when a parent-subsidiary relationship exists) is essential to the preparation of financial statements under International Financial Reporting Standards (IFRS).
Preparing your financial statements under IFRS International Financial Reporting Standards (IFRS) is challenging for any business. Each year the International Accounting Standards Board (IASB) publishes new Standards with the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures.
IFRS 15 Revenue from Contracts with Customers is the new Revenue Standard effective 1 January 2018. The Sstandard involves a 5 step model approach.
The IASB has issued IFRS 16 ‘Leases’, which specifies how lessees and lessors will account for leases. The standard requires most leases to be ‘on-balance sheet’.
The Standards are very detailed and technical. To the untrained eye, they can appear hard to navigate. But at Grant Thornton, we have people who are very well versed in their intricacies and can translate them into language that you can understand and apply to your financial statements.