In many countries around the world, listed companies must adopt IFRS (International Financial Reporting Standards) for their group financial statements. The transition to IFRS reaches far beyond the territories — such as the EU, Australia and Russia — where their adoption is now mandatory. Other territories will soon join the list and, indeed, harmonisation of IFRS and US Generally Accepted Accounting Principles (US GAAP) is being actively pursued. Clearly, going forward, IFRS reporting will be a vital passport to the world’s capital markets. Moreover, the transparency and comparability that IFRS provides will come to represent a critical currency in investor relations. However, companies applying IFRS face an added burden of proof that may place them at a competitive disadvantage, particularly in respect to rating and Basel II requirements.
How PwC can help you
Embedding IFRS in the organisation requires more than technical knowledge of the standards themselves. IFRS will fundamentally change your company’s reporting processes and procedures and needs to be integrated into corporate budgeting and forecasting processes. Needs for specific data, software system changes and training of staff will also likely arise. PricewaterhouseCoopers can help. We have a broad range of tools and publications combined with the necessary industry experience to help transportation and logistics companies apply IFRS.
