25. June 2024

What is IFRS?

IFRS stands for “International Financial Reporting Standards” and are international accounting standards. These standards are used to standardize the annual and consolidated financial statements of companies worldwide and make them comparable.

There are several key aspects of IFRS:

  1. Transparency and comparability: Promoting transparency through uniform reporting standards, which facilitates the comparability of financial reports across different companies and countries.
  2. Relevance and reliability: Ensuring that financial information is reliable so that it provides useful insights into a company’s financial position and performance.
  3. Global application: IFRS is used worldwide.
  4. Standardization: Covering a wide range of topics, including accounting for assets, liabilities, equity, income and expenses.

In principle, IFRS financial statements are a must for capital market-oriented entities. Liechtenstein financial service providers have many points of contact with IFRS due to their international clientele. We will address current and important IFRS topics in subsequent articles.

LIREX offers various services in the area of IFRS and is happy to support you, for example, in the preparation, structure and completion of recurring IFRS reporting or as an auditor of IFRS financial statements. For further information please contact Thomas Jakob or Sven Kurer.