IFRS is rapidly gaining acceptance throughout the globe, propelling companies to appraise the potential implications and benefits of adopting these standards.
In the present epoch of globalization, it is of vital importance to have a single globally accepted financial reporting system. As a huge a number of multinationals companies are engaging in multiple cross-border business transactions, capital markets are becoming desegregated. This results in the invariable adoption of International Financial Reporting Standards (IFRS) as a basis for accounting or parallel reporting, either voluntarily or for the need of regulatory requirements.
IFRS Implementation Experts
Implementation of high-quality financial reporting standards is possible when planned and managed properly. The conversion can bring about substantial improvements in the performance of the finance function, streamline the statutory financial reporting process globally, enhance controls as well as reduce costs.
PAFEC has years of experience in supporting IFRS implementation in many sectors, including manufacturing, trading, contracting, real estate, and service industry.
Benefits of Implementing IFRS
Implementation of IFRS could be challenging but if properly discussed and planned it could result in
- Generation of reliable financial results
- Improving controls
- Saving time and money
- Enhanced comparability and improved transparency of financial reporting.
- Creation of a single set of accounting standards around the world.
- Reduction of time, effort and expense of preparing multiple reports.
- Cost- effective transition
- Ease in controlling and monitoring of Subsidiaries
- More flexibility in accounting practices
- Ease of business in foreign countries
- Improved cash management
- Heightened efficiency in the use and availability of resources
Our IFRS specialists in Muscat, Oman can assist your conversion to IFRS by providing the appropriate resources, knowledge and practical support. We would love to hear from you. Call +968 9012 6841 for expert advice or e-mail us at to email@example.com