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 3.0 meets the requirements under IAS/IFRS regulations

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Tagetik is a global software vendor of the first unified Performance Management & Financial Governance solution to help CFOs and CIOs simplify complex business processes.

A complete financial closed-loop software, Tagetik 3.0 unifies key processes and applications – such as budgeting, planning & forecasting, financial consolidation, financial governance, strategy management, profitability modeling, working capital analysis – to manage and control overall performance, support compliance initiatives, harmonize different views of critical financial data, enable maximum visibility down to business transactions. In this way, the CFO can support the CEO in monitoring the implementation of strategies, ensure their sustainability and control corporate performance.

Since the software leverages “built-in” processes and cross-platform technology – fully web-based and integrated with any ERP, our customers can profit by up to 50% reduction of the total cost of ownership (TCO).