IFRS IMPLEMENTATION
GSPU prepares and presents financial statements for its clients following International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). Different countries’ accounting principles have evolved, making international company comparisons difficult. A set of guidelines and rules are used to ensure uniformity and comparability between financial statements prepared by different companies. These guidelines, known as Generally Accepted Accounting Principles (GAAP), serve as the foundation for the preparation of financial statements.
The International Accounting Standards Board (IASB) has recently made a push to standardize accounting rules. The IASB creates International Financial Reporting Standards (IFRS), which are widely used in many countries.
Over 100 countries currently permit or require IFRS for public companies, with more countries expected to follow suit in the coming years.
IFRS underlying assumptions:
The effect of transactions and other events is recognised when they occur, rather than when cash is gained or paid.
- Going Concern: an entity that will continue to exist soon.
- Stable Measuring Unit Assumption: financial capital maintenance in nominal monetary units or traditional Historical cost accounting; i.e., accountants regard changes in the purchasing power of the functional currency up to but excluding 26% per annum for three years in a row (which would be 100% cumulative inflation over three years or hyperinflation as defined in IFRS) as immaterial or insufficiently important for them to choose financial capital maintenance in unit price.
GSPU has qualified and skilled people with the experience to do things correctly and follow International Standards for an effective IFRS convergence and implementation activity.
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Location
Office No:154,First Floor,
Ten Works Business Center,
Doha Souq Mall, Al Nasr, Doha, Qatar
Ph: +974-6644 0265