Transcription of International Financial Reporting Standards - IAS Plus
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International Financial Reporting Standards - IAS Plus
Assurance ServicesInternational Financial Reporting StandardsOf Growing Importance for Companiesthere is no longer achoiceThree factors may influence your need toconsider IFRS. First, many organizations willbe obligated to report using IFRS due to acountry s requirements. Below are just someof the possible scenarios where IFRS wouldbe required. subsidiaries of companies operatingin jurisdictions where IFRS is the accept-ed standard need to follow the sameaccounting Standards as their corporateparents. joint ventures with a venture partneroperating in countries requiring IFRS alsoneed to follow the same accounting stan-dards as their venture partner. multinationals seeking to enter newmarkets and expand operations to a for-eign country may need to report usingIFRS in order to obtain an operatinglicense or raise , some companies will want to con-sider supplementing their current Reporting with Financial informationprepared on an IFRS basis.
A few years ago, International Financial Reporting Standards (IFRS) were a distant possibility. Today, the reality is far dif-ferent. We are in a dramatic shift that is fast making IFRS the
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