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International Financial Reporting Standard (IFRS)

IFRS has been introduced to attempt to converge different accounting systems to a common system to achieve more comparable financial information, which would enable a better flow of international investment and contribute to the reduction of information asymmetry. This conversion is much more than a technical accounting challenge. IFRS implementation for financial institutions may significantly affect a company’s day-to-day operations and may even affect the reported profitability.
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