International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). These standards aim to bring transparency, accountability and efficiency to financial markets around the world.
More than 166 countries on all five continents require or permit the use of IFRS. Major economies in Asia-Pacific, North America and Latin America have set out a time line towards the full adoption of IFRSs.
As IFRS is required or permitted in over 166 countries, it has very much become the accounting global language. This principles-based set of standards calls for significant use of judgement. With our clients having global reach, we have set up an IFRS Community of over 100 professionals the role of which is mainly to accompany our audit teams in the analysis of complex technical issues. Our internal consultation process includes escalation of the most complex questions to our central team of dedicated IFRS experts.
Whether you are already compliant or planning to adopt IFRS, Mazars can help you.
At Mazars, we developed a comprehensive knowledge of IFRS. Our approach is practical and focused on the substance of the transactions. We always favour the economic view.