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Beyond the GAAP 117
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Beyond the GAAP 117
2017 ended fairly quietly, since the European Commission had already endorsed several texts in November and the IASB’s December meeting decided to postpone publication of most of its texts and draft texts, with the exception of the annual improvements to IFRSs, which we discuss in this month’s ‘A closer look’ study. This being the case, the implementation of IFRS 9 and IFRS 15 in January 2018 will be more than enough to keep entities and their auditors busy, on top of the preparation of the 2017 financial statements.
Services
Conversion to international accounting standards
With the prevailing trend towards bringing the accounting in consolidated and separate financial statements into line, transitioning to IAS/IFRS is growing in importance. To enhance the clarity and efficiency of reporting, many companies are also opting to adapt their internal accounting to the principles of external financial reporting in accordance with IFRS.