Listed companies in the European Union are required to prepare their financial statements in accordance with IFRS effective from 1 January 2005. Up to the end of 2008, around 100 countries or regions have adopted the IFRS. The Financial Accounting Standards Board ("FASB"), the accounting standard setter of the United States which is the largest economic body in the world, has reached an agreement with the International Accounting Standards Board ("IASB") to converge their respective sets of accounting standards by the year 2010.
The influence of IFRS on multinational corporations becomes significant as more and more countries and regions adopt IFRS. In addition to prepare financial statements in accordance with local requirements, subsidiaries of these multinational corporations need to work out the adjustments for "reporting standard conversion" with reference to IFRS in order to satisfy the consolidation and disclosure requirements of their holding companies which prepare their consolidated financial statements in accordance with IFRS.
With reference to the ISA issued by the IAASB and the special characteristics of the audit of financial statements prepared in accordance with IFRS, RISMO composed an "IFRS audit team" by upgrading the existing audit approach and assigning senior auditors with extensive practical experience gained through working with multinational accountancy practices to the team. The team assists clients to manage the impact arising from the ever-changing IFRS on operation and financial reporting at the top professional manner.
Our services includes:
Audit of financial statements prepared in accordance with IFRS
Audit of financial statements prepared in accordance with US GAAP
Audit of financial statements prepared in accordance with Hong Kong FRS
Technical support on reporting standards conversions
Consultancy on specific accounting treatments
