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IFRS obligations: When are they applicable to my business? | News Flash

10 Aug 2020

International Financial Reporting Standards, or IFRS, are a set of accounting standards that provides guidance on how companies should prepare and disclose their financial statements. The aim of the IFRS is to create a common accounting language so that companies’ accounts are consistent, comparable and understandable across more countries. However, keeping control of all obligations across multiple countries can be quite a challenge for international business. When does a company become qualified for IFRS reporting? What affects the obligation? Hereby we summarize whether you are required to file the individual or consolidated financial statements according to IFRS.

Financial statements in accordance with IFRS must be prepared by:

  • Public interest entities – banks, insurance companies (except health), asset management companies, stock exchange and their branches
  • An entity that is a trading company and has at least two consecutive accounting periods. It shall also meet at least two of the following conditions: the total amount of assets (gross balance sheet) exceeding EUR 170 000 000, net turnover exceeding EUR 170 000 000 or the average recalculated number of employees exceeding 2,000 in one accounting period

Financial statements in accordance with IFRS may also be prepared by:

  • An entity that issued securities in the accounting period and these were admitted to trading on a regulated market
  • Payment institutions, electronic money institutions, securities dealers
  • Societas Europaea

It can be difficult to navigate through extensive IFRS guidelines and follow their frequent updates to correctly apply them. Our in-country experts offer both the best-practice compliance and complex IFRS advisory while also dedicated consultancy on various aspects of IFRS – addressing the specific needs of your organization.

Find out how we can help you - discover our full-range IFRS services!

Salary Calculators: Central and Eastern Europe

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Difference between IFRS and US GAAP standards | News Flash

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Judgement of the ECJ concerning reasonable amount of interest on a retained excess deductible VAT | News Flash

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IFRS 1: First-time Adoption of International Financial Reporting Standards | News Flash

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Judgement of the European Court of Justice concerning a change in tax residency and importation of foreign tax loss | News Flash

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Tax overview for global mobility in China | eBook

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About Accace

Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

About Accace Circle

Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

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