IFRS in Financial Statements

In accordance with the Cyprus Tax Law, every incorporated in Cyprus company has an annual obligation to submit a tax return to the Inland Revenue. It should be prepared on the basis of audited financial statements that reflect the true and fair picture of the company’s affairs and describe its transactions. The financial statements must adhere International Financial Reporting Standards and be prepared by licensed auditors who are qualified to perform statutory audits.

Importance of the IFRS

IFRS is the conventional international language for financial reporting. Main new regulations for financial instruments, revenue recognition, and leases create significant obstacles for financial statements specialists. Each individual company’s preferences are unique to a particular industry, along with the specific barriers it faces. Growing regulatory requirements and transformations in the global business world are creating inflated stakeholder demands that can be difficult to manage across organizations.

IFRS Services with ATCA Co. Ltd

The state of affairs in each particular company is strikingly different, which is why the company requires an individual approach to attain its goals. Our IFRS services cover the following:

  • Preparation of monthly, quarterly, and annual management and other reports
  • Development and preparation of monthly, quarterly, and annual consolidated management reports and other management reports
  • Preparation of interim condensed separate or consolidated financial statements of the parent company in accordance with International Financial Reporting Standards (IFRS)

With the help of ATCA Co. Ltd is possible to put the set of numbers in perspective. After discussing them, you can determine what management reports say about the state of your business.

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