International Financial Reporting Standards

By 2005 all EU listed companies must apply International Financial Reporting Standards (IFRS) in their financial statements. Therefore, it is vital that they have a structured action plan now to help ensure an effective and efficient conversion.

IFRS is more than just a technical accounting exercise, it is an important business priority. For many companies the IFRS revolution will have a significant impact on financial statements, directly affecting the outcomes of valuation metrics that analysts use to measure and evaluate company performance. Major areas affected will be financial instruments, business combinations, share based payments and pensions. Ultimately early adoption and communications may assist competitive advantage.

In Cyprus, IFRSs have been a practice for many years now. Initially, IFRSs were required by the Institute of Certified Public Accountants and now they are also required by local legislation. It is therefore implied that there is a local expetrise in intergreting and in applying the IFRSs.

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