IFRS advisory
IFRS Advisory
The use of International Financial Reporting Standards (IFRS) is becoming more and more widespread in domestic accounting practice.
While international multinational groups have generally been using IFRS as a common framework for many years, domestic companies are also increasingly facing the challenges of international accounting issues, as some companies are required to prepare their accounts under IFRS instead of Hungarian accounting rules, while others have the option to do so.
In today's rapidly changing regulatory environment, it is increasingly difficult for companies to keep up with new reporting requirements. Now that IFRS have been adopted as accounting standards in more than 100 countries around the world, it is more important than ever for companies to receive up-to-date advice on upcoming changes to reporting requirements and their potential impact on their company.
We provide IFRS advisory services on, among other things, complex accounting issues relating to specific, material transactions under IFRS principles, the implementation of new IFRS standards, and projects related to the calculation of deferred taxes and the preparation of cash flow statements.
TRANSITION TO IFRS
The increasing globalisation of business and the consequent need for transparent, comparable financial information for investors requires International Financial Reporting Standards (IFRS). The change in the regulatory environment is a milestone for the domestic application of IFRS. It enables domestic companies to produce internationally understandable and comparable individual accounts for their shareholders, presenting accounting processes in their true substance.
The transition will affect the whole organisation, so financial knowledge is not enough. You must be skilled in managing all elements of the transition process and have extensive experience in successfully carrying out and managing complex, global, projects. Our staff will help you manage the transition.
IFRS STANDARDs
In many cases, standards provide a choice of accounting solutions that can have a significant impact on the financial statements.
IFRS requires to present additional detailed, accurate and comparable information, which requires preparation and additional resources from accounting specialists. With decades of experience in auditing, accounting and advisory services, we have the background to support our clients in answering IFRS-related questions, whether prior to transitioning to IFRS or during the day-to-day operation of an IFRS accounting system.
Contact:
Peter Gulyás
Partner