The International Financial Reporting Standards (IFRS), generally identified as International Accounting Standards (IAS), are the Protocols setting international accounting standards in the European Community.

The International Accounting Standards have the following objectives:

• promote the development of an integrated EU financial and competitive market

• promote transparency of financial information

• protect investors

• make comparable financial evaluations of companies operating in various sectors and are residents in several EU member states

The European Community Regulation No 1606/2002 of July 19, 2002 provides that as of1 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 transposed the EU regulation approving the Law No. 306, October 31, 2003. The adoption of IAS is mandatory 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 provide a consolidated balance sheet

The introduction of IAS has led to a redefinition of 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 CPM meets the requirements under IAS/IFRS regulations

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Tagetik CPM is the first completely financial closed-loop, double entry CPM solution, that unifies in a single product all Corporate Performance Management processes and Financial Governance processes for data consistency and reliability.
The only solution with Built-in processes and advanced functionalities able to comply with the most complex regulatory requirements, helping companies automate processes, and obtain the necessary transparency and data accuracy for compliance.

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