International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). These standards aim to bring transparency, accountability and efficiency to financial markets around the world.
At Mazars, we follow closely the financial reporting standars evolution, and we provide a full set of services on all the standards and most importantly we adapt our audit and adivsory approach based on our clients’ real financial situations.
As IFRS is required or permitted in over 150 countries, it has very much become the accounting global language. This principles-based set of standards calls for significant use of judgement. With our clients having global reach, we have set up an IFRS Community of over 100 professionals the role of which is mainly to accompany our audit teams in the analysis of complex technical issues. Our internal consultation process includes escalation of the most complex questions to our central team of dedicated IFRS experts.
To achieve and maintain such a high level of expertise, we ensure that our staff all over the globe has the resources and skills to understand the standards and apply them in a consistent manner whilst taking account of local legal and business specificities.
Our IFRS experts are involved at the heart of the standard-setting phase. They actively engage with both local, regional and international institutions, whether national standard setters, securities regulators and auditors' institutes. Mazars also issues comment letters to each of the international accounting standard setters' consultation documents.