Businesses of all sizes need real insight into operations and customers—to do their planning, forecasting, modeling, and adjusting based on data that’s current, accurate, and accessible. This is at the core of today’s expanding business intelligence (BI) and enterprise performance management (EPM) markets. Find out more about how BI software or an EMP solution can help you improve your financial analysis and reporting. Read more…
Case Study about Practical Implementation of International Financial
Executive summary: As of the beginning of 2005, the global corporate financial reporting landscape has been transformed in a major way – an unprecedented number of countries and enterprises around the world adopted international financial reporting standards (IFRS) as basis for the preparation of financial statements. All member States of the European Union have adopted IFRS endorsed in the European Union for the preparation of consolidated financial statements of listed companies in their respective jurisdictions. The benefits of a common set of high-quality financial reporting standards are very significant.
Introduction: UNCTAD’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) has recognized the growing number of member States that are introducing international financial reporting standards (IFRS) as basis for the preparation of corporate financial reports by enterprises in their respective jurisdictions. In light of this development, the Group of Experts devoted substantial time during its recent sessions to deliberating on the practical challenges that arise in the implementation of IFRS. ISAR’s deliberations on this topic at its twenty-third and twenty-fourth sessions were facilitated by a number of country case studies conducted in different regions of the world.
Problems of Implementing International Accounting Standards in a Transition Economy
Abstract: International Financial Reporting Standards (IFRS) and their predecessor, International Accounting Standards (IAS) are gaining in worldwide recognition. All publicly traded companies in the EU must adopt them by 2005 and many other countries either have adopted them or plan to do so in the near future.
In 2002, the Russian Prime Minister announced that all Russian companies and banks must prepare their financial statements in accordance with international standards starting January 1, 2004. Implementing that decision will not be easy, for a variety of reasons. Not all international standards have been translated into Russian. Many Russian accountants are not sufficiently familiar with international standards to implement them..
The role of the chief financial officer (CFO) is evolving, but due to pressures to meet financial reporting requirements, there’s still a strong pull toward “chief bean counter” responsibilities. But CFOs can find opportunities to become true business leaders. With help from technology, five key strategies can enable the CFO to have a significant impact on the direction and success of the business. Learn more….