Enhancing the quality of IFRS financial statements
10 easy ways to improve the clarity and informativeness of financial statements under IFRS
The concept of improving the quality of IFRS financial statements has taken the backseat to matters of compliance. Enhancing the quality of such statements is one of the key factors that add value to an IFRS conversion compared to a basic compliance approach.
Enhancing the quality of IFRS financial statements provides 10 easy ways to help ensure financial statements under IFRS are clear and informative. It highlights qualitative aspects within the preparation of IFRS financial statements that can improve the quality of those statements beyond the level obtained by simply complying with the standards. The ideas in the report may be implemented by companies who are transitioning to IFRS and by those who are post-conversion.
Ideas highlighted in the report include:
- How to make a balance sheet income statement more useful to readers
- How to make the notes to financial statements more than tables of reconciliations
- How to explain the significance of accounting policy choices
- How to implement “principles-based” standards without having to get to identical answers