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 4.0 meets the requirements under IAS/IFRS regulations

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Tagetik delivers a unified software solution that can support Performance Management and Enterprise Governance, Risk & Compliance, Business Intelligence, Collaborative Disclosure Management.

Tagetik 4.0 creates value by simplifying complex business processes for CFOs and CIOs: budgeting, cash flow planning, statutory and management consolidation, cost allocation & profitability analysis, financial close & fast closing, dashboard & scorecarding, collaborative disclosure management, business intelligence and compliance/industry requirements.

Tagetik 4.0 is the solution to translate strategy into operations, manage and control overall performance down to business transactions and improve decision-making across the whole organization while achieving faster ROI and lower total cost of ownership (TCO).

Tagetik operates in 18 countries leveraging a close partnership with Microsoft. Its market experts are totally committed to the success of 400 worldwide customers, including some of the largest Fortune 1000 companies and representing all industries, as well as to foster partnership with system integrators, technology leaders and local consulting specialists.