Conversion to IFRS Standards
Thousands of European listed companies are now being affected by the European Commission decree that imposed new International Financial Reporting Standards (IFRS) throughout the EU.
The measures are markedly different from the old standards and are having a far-reaching impact. They are bringing about fundamental changes in the way companies do business. Not only listed companies but more and more non listed multinationals and Belgian subsidiaries that are reporting to their parent companies under IFRS are also affected by these new financial reporting rules. But making the switch to IFRS is not a simple process, and delaying preparations for first-time adoption of IFRS is no longer an option.
Given the wide-ranging impact of IFRS conversion, many organizations may have a significant amount of work to do before issuing their first full IFRS financial statements.