The International Financial Reporting Standards (IFRS), known as International Accounting Standards (IAS), which are Protocols set by international accounting standards within the European Community.
IAS objectives:

• promote the development of an integrated EU financial market

• promote transparency of financial information

• protect investors

• create comparable Financial Statements of companies operating in various sectors and are residents in several EU countries

The European Community Regulation No. 1606/2002 of July 19, 2002 provides that from 1 January 2005, companies whose securities are listed on a regulated market of the European Union must prepare their consolidated accounts using international accounting standards.

Italy has Adapted the EU regulation approving Law No. 306, October 31, 2003 for:

• listed companies

• companies that have issued securities circulated among the public

• companies, banks and financial intermediaries subject to supervision by the Bank of Italy

• firms and insurance companies listed that do not establish the consolidated balance sheet

The introduction of IAS has led to redefining organisational processes and has had considerable impact on different areas of the budget (goodwill, securities, fixed assets, severance pay, Stock Options ...)

Find out how Tagetik 4.0 ensures delivering international accounting standards IAS / IFRS

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