Financial reporting in accordance with IFRS is a complex matter. Nowadays, an increasing number of international companies are becoming aware of the rules. But how do you apply them in practice? Our experts from IFRS services are here to help you.
The financial reporting regulations are different in each country. Companies with group companies in more than one country will benefit especially as a result of the introduction of the International Financial Reporting Standards (IFRS). The reason for this is that the annual figures for those Group companies will be compiled in accordance with the same annual accounting principles, which in turn makes consolidation at holding company level much simpler.
An additional factor is that national regulations, including those that apply in the Netherlands, are also bringing their requirements into line with IFRS.
Not only listed companies are compiling their annual accounts in accordance with the IFRS, but increasing numbers of non-listed companies are also applying those standards. IFRS for SMEs is the 'light' version of IFRS that has been developed for non-listed companies. IFRS for SMEs represents only 10 percent of the full IFRS and therefore forms an attractive set of standards for small and medium-sized enterprises.