The IFRS accounting standard promotes consistency and comparability in the financial reporting of companies worldwide, including public, private and not-for-profit organizations. Its adoption is intended to improve transparency, streamline reporting, and foster a unified understanding of financial statements.
Despite its benefits, companies encounter challenges during the IFRS implementation phase, including one-time transition costs, heightened demands for professional judgment, and the impact of global economic fluctuations.
At KPMG, we understand the industry-specific challenges and offer tailored support in transactions, IFRS implementing, and enhancing stakeholder communication to optimize reporting practices.