CBI, KPMG Review IFRS Adoption

The Central Bank of Iran hosted a meeting to analyze obstacles to the implementation of the International Financial Reporting Standards.

During the one-day meeting on Tuesday, issues related to Iran’s banking system such as financial assets categorization, impairment, fair valuation and lack of infrastructure to provide information for IFRS reporting were discussed.

Senior managers and partners of KPMG, the smallest of the big four global accountancy firms by revenue which are experienced in implementing IFRS across the world, shared their knowledge of financial reporting.

International Financial Reporting Standards is a single set of accounting standards, developed and maintained by the International Accounting Standards Board.

These standards can be applied on a globally consistent basis by developed, emerging and developing economies, and provide investors and other users of financial statements with the ability of comparing the financial performance of publicly listed companies on a like-for-like basis with their international peers.

After the lifting of sanctions imposed on the banking system, the necessity of conforming to IFRS is crucial to ease and speed up the process of absorbing foreign resources. IFRS standards are now mandated for use by more than 120 countries, including the European Union and by more than two-thirds of G20.