The challenge of International Financial Reporting Standards (IFRS) requires an entity-wide holistic approach to financial reporting. Our focus is on providing IFRS assistance and advice to our clients that is not only technically correct, but also practical and commercially astute.
Having traversed the latest wave of IFRS in 2009-2010, companies need to prepare for the next wave of changes being prepared the International Accounting Standards Board (IASB). By June 2011, new standards are expected to be finalised in key areas - including financial instruments, leases, revenue recognition, consolidation and insurance contracts.
Entities need to understand these changes, design flexible systems and processes to handle their introduction and ensure that their voice is heard through the cacophony of opinion.