The International Financial Reporting Standards (IFRS) promotes consistency and comparability in financial reporting for companies worldwide. IFRS applies to public entities, private businesses, and non-profit organizations alike. By adopting IFRS, companies can improve transparency and provide a precise, more consistent understanding of their financial statements.
Despite these advantages, implementing IFRS can pose some challenges. Businesses may face one-off transition costs, a need for more in-depth professional judgment, and the impact of global economic developments.
At KPMG, we recognize industry-specific hurdles. That's why we support clients with transactions, IFRS implementation, and enhancing communication with stakeholders to improve reporting quality.