Companies across the world have a hidden desire to expand on a global scale. That desire drives them to be international in the way that they operate, and the way that create their accounts. w When it comes to financial, most adhere to the IFRS or the International Financial reporting standards.
Being a globally accepted standard for accounting, IFRS helps companies create a report that is understandable for everyone. So, if you choose to adopt the International Financial Reporting Standard, the accounting processes as well as the efficiency of your business will improve.
Adopting any new accounting comes with its own set of challenges. Thus, KRV auditing provides IFRS impact analysis services. Sometimes, adoption entails changing certain details in certain records. Through impact analysis, we try to study the impact the changes value can have on your overall business.
By analysing the impact on your financial figures and the disclose requirements, KRV auditing ensures that your business stays healthy when adopting the new accounting regime.
Before preparing any kind of financial statement that adheres to the IFRS standard, it’s important to check the IFRS impact assessment. The revised assessment might cause a lot of divergence in the presented and actual data when it comes to financial figures and disclose requirement. That divergence should be kept in cheque to prevent any undue consequences in future.
Some of the relevant IFRS’s are as follows:
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