IFRS: a strategic opportunity

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The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world.

Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital.

We have developed global resources – people and knowledge – to provide the benefit of our broad sector experience, our subject matter knowledge and the latest insights from our worldwide network.

Global IFRS implementation summarized

Ernst & Young is pleased to launch a new feature summarizing the status of IFRS implementation in more than 130 countries. Our IFRS Status of Implementation tool summarizes conversion status and baseline requirements for preparing and filing financial statements under IFRS.

IFRS 7 guidance for corporate entities

Observations on the implementation of "Observations on the implementation of IFRS 7 in corporate entities" (pdf, 5.5mb) gives an overview of disclosures for financial instruments provided in this first year of mandatory application of IFRS 7 Financial Instruments: Disclosures, highlighting challenges faced by companies and drawing comparisons between them. Our observations are based on a survey of the forty largest European corporate companies reporting under IFRS, as at March 31, 2008.

Consumer Products IFRS Financial Statements Survey

This survey analyses how accounting practices in the Consumer products IFRS financial statements survey (pdf, 818kb) have evolved since the adoption of IFRS in Europe. It focuses on the latest annual consolidated financial statements of 21 large publicly listed consumer product companies in seven countries across Europe.

 

IFRS real estate survey: 2010

In this survey, we examined the challenging real estate market and whether it brought on increased disclosure on property valuations (pdf, 1.3mb). Interestingly, we found the qualitative and quantitative information disclosed from each company varies. Learn which changes are in the pipeline that will affect financial statement presentation, joint arrangements, revenue recognition and leasing.