IFRS refers to a set of international accounting and financial reporting standards that define how different types of transactions should be reported in financial statements. International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
Today, regulatory agencies have introduced a multitude of new standards and accounting rules changing materiality thresholds, requiring detailed schedules, and new disclosures for public filings.
Companies are often challenged with creating multi-standard reconciliation reports. Maintaining and reconciling two or more sets of books is a challenge in itself; then reconciling those books with another set of books with different reporting standards adds an additional layer of complexity. Many organisations struggle with completing this type of reconciliation in a timely, cost-effective manner, which in turn prolongs the financial close process.
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