Financial reporting is the process of documenting and communicating financial activities and performance over specific time periods, typically on a quarterly or yearly basis. Companies use financial reports to organize accounting data and report on current financial status. Financial reports are also essential in the projections of future profitability, industry position and growth, and many financial reports are available for public review. There are several primary statements to use when reporting financial data, and the information you include in these documents fulfills several key objectives of financial reporting:

• Tracking cash flow
• Evaluating assets and liabilities
• Analyzing shareholder equity
• Measuring profitability

The International Financial Reporting Standards (IFRS) are accounting standards developed by the International Accounting Standards Board (IASB), an independent not-for-profit organisation.

The IFRS provide a global framework for how public companies prepare and disclose their financial statements, giving general guidance for preparing financial statements rather than setting rules for industry-specific reporting.

Adopting a single set of worldwide standards simplifies accounting procedures by allowing one reporting language throughout. A single standard also provides investors and auditors with a cohesive view of finances.

Our financial reporting advisory team can guide you through this framework to ensure you are compliant and meet the international standards required; this is especially useful for large companies with subsidiaries in multiple countries.