The International Financial Reporting Standards (IFRSs) are set of principles and rules to ensure financial statements prepared by different companies and in different part of the world are transparent, consistent and are comparable. These Standards defines how the organizations implementing IFRSs must report transactions and events in the financial statements.
The importance of International Financial Reporting Standards (IFRSs) is growing as the number of jurisdictions implementing IFRSs around the world are increasing. This is because with the increase in complexity of financial transactions, there is greater need for transparency and credibility of financial reporting process.
Our professional accountants at VA, have great experience and expertise in the application of IFRSs. We recently assisted several clients with implementation of IFRS 15 i.e. Revenue from Contracts with Customers and IFRS 9 i.e. Financial Instruments.