IFRS Advisory Services
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardized way of describing the company’s financial performance so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange.
The mission is to develop standards that bring transparency, accountability, and efficiency to financial markets around the world. IFRS Standards are now required in more than 140 jurisdictions, with many others permitting their use.
Presentation of financial statements
IFRS financial statements consist of:
- a statement of financial position (balance sheet)
- a statement of comprehensive income. This may be presented as a single statement or with a separate statement of profit and loss and a statement of other comprehensive income
- a statement of changes in equity
- a statement of cash flows
- notes, including a summary of the significant accounting policies.
Comparative information is required for the prior reporting period.
Companies in the UAE are subject to the IFRS and we provide professional expertise in understanding and complying with these standards. Our services mainly include:
- Assistance in understanding the IFRS standards and its requirements.
- Support in the implementation of standards with regard to the field of finance and accounting.
- Providing updates on the IFRS so that you can keep up with the changing trends and guidelines.