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IFRS
Implementation of International Financial Reporting Standards (IFRS) has become the most important change of accounting practice within the last decade.
In 2005 several countries in globally have adopted the IFRS, which replaced the national accounting principles that were implemented up to then. From the year 2002 all listed European companies in active stock exchanges were obliged to implement IFRS.
In Greece, all listed in the Athens’ Stock Exchange companies and their subsidiaries are obliged since 2005 to submit their annual and interim financial statements according to the rules and standards of IFRS. But the implementation of these standards was not restricted only to listed companies; according to laws 3429/2005 and 3599/2007 it has become obligatory to all Public Companies and to all Public Medical Units respectively.
Within the following years, the expected changes will result to the application of IFRS from the rest of the companies. It is noted that IASB has already produced a Draft for the implementation of IFRS by small to medium-sized enterprises, something that constitutes the precursor of complete adoption of IFRS by all companies.
The transition to IFRS constituted and will continue constituting a constant challenge for companies.
This particular procedure is not just the application of accounting techniques for the preparation of the financial statements. The implementation of IFRS can influence in a great deal the appearance of enterprises’ financial image.
New financial politics are adopted and as a result in many cases new financial values are revealed in enterprises’ financial images.
The members of RPS, with their many years expertise in the implementation of IFRS at groups of companies listed in the Athens Stock Exchange, and from the audit of IFRS standards financial statements, can substantially assist Greek companies in the difficult attempt of transiting to IFRS.
Even for the companies that have already transmitted to IFRS, the support of RPS partners can offer them the possibility to resolve several technical difficulties in the procedure of formatting financial statements along with continuous informing for new Standards’ demands, as well as about the alterations that emerge in the existing Standards.
If you are just in the procedure of evaluating whether to implement IFRS or not, RPS partners will help you make the best decision, through a presentation in your company’s environment
