ASM Obaidullah Bhuiyan, FCGA’s Post

The IFRS Foundation has published an introductory article Digital financial reporting—Facilitating digital comparability and analysis of financial reports explaining: * What digital financial reports are and how they are created; * The benefits of digital financial reporting for investors, companies and regulators; and  * The importance of the IFRS digital taxonomies. The article includes spotlights on various jurisdictions to illustrate digital financial reporting developments around the world. Our new Digital financial reporting page contains all our materials about digital financial reporting and the IFRS digital taxonomies—the IFRS Accounting Taxonomy and the forthcoming IFRS Sustainability Disclosure Taxonomy. Our main site menu has changed: the IFRS digital taxonomies are now accessed through the Digital financial reporting link.

"The IFRS Foundation published an introductory article 'Digital financial reporting - facilitating digital comparability and analysis of financial reports' explaining: - what digital financial reports are and how they are created; - the benefits of digital financial reporting for investors, companies and regulators; and - the importance of the IFRS digital taxonomies. The article includes spotlights on various jurisdictions to illustrate digital financial reporting developments around the world"

The meeting summary for 2 July 2024 #IFRS Taxonomy Consultative Group meeting is now available. As part of the meeting, the group held productive discussions on several key areas of digital financial reporting, including:   👉a review of the IFRS Taxonomy Due Process; 👉 fieldwork for proposed updates to the IFRS Accounting Taxonomy for IFRS 18 Presentation and Disclosure in Financial Statements; and 👉 an update on digital financial reporting activities and taxonomy work plan relating to the IFRS Accounting Taxonomy and the IFRS Sustainability Disclosure Taxonomy.   You can read the meeting summary and watch recordings from the meeting here: https://lnkd.in/e7sijmVR   #digitalreporting #IFRSaccounting #IFRSsustainability

Update on Digital Financial Reporting Activities from IFRS Foundation Following an insightful article released by the IFRS Foundation two months ago, we’re excited to hear more about their digital financial reporting activities at the next IFRS Taxonomy Consultative Group meeting. Digital reporting feels inevitable, but why is it so crucial? It significantly increases comparability and transparency by standardizing financial data, making it easier to analyse and understand. Enhanced investor confidence and improved accuracy of statistics are key outcomes, as clear and reliable financial reports boost trust and provide a solid foundation for economic insights. Additionally, digital reporting reduces the filing burden, particularly for small and micro entities, simplifying processes and saving valuable time and resources. Remarkably, XBRL is the predominant computer-readable, structured data format for financial information, maintained by XBRL International, Inc. With its adoption spanning over 70 countries, it’s impressive to recognize that CoreFiling supports most of these implementations worldwide. #DigitalReporting #FinancialReporting #IFRS #XBRL #Transparency #InvestorConfidence #Regulation

The meeting summary for the 1 February 2024 #IFRS Taxonomy Consultative Group meeting is now available. As part of the meeting, the group held productive discussions on several key areas of digital financial reporting, including: 👉 feedback on the digital taxonomies for the IFRS Sustainability Disclosure Standards and the prospective #IFRS18 Presentation and Disclosure in Financial Statements; 👉 possible topics for the next IFRS Accounting Taxonomy common practice review; and 👉 a recently commissioned survey by the UK @Financial Reporting Council Lab of 160 investment professionals about their use of digital financial reports in #XBRL format. Read the full meeting summary: https://lnkd.in/ezKQc8GT #digitalreporting #taxonomy #IFRSaccounting #IFRSsustainability

The IFRS Foundation has today published an introductory article Digital financial reporting—Facilitating digital comparability and analysis of financial reports explaining: what digital financial reports are and how they are created; the benefits of digital financial reporting for investors, companies and regulators; and the importance of the IFRS digital taxonomies.

The IFRS Foundation has recently released its IFRS Integrated Reporting guidance. This guidance document, "Transition to Integrated Reporting: A Guide to Getting Started," offers a phased approach to implementing integrated reporting and understanding how IFRS Sustainability Disclosure Standards can enhance your reporting journey. The integrated framework is used by companies in over 75 countries, driving high-quality corporate reporting and connectivity between financial statements and sustainability disclosures. Read the Transition to Integrated Reporting guidance, here: https://lnkd.in/dsxkvUZS Learn more about the IFRS S1 and S2 here: https://lnkd.in/eh6azavV #ifrs #reportingstandards #sustainabilityreporting #nossadata

90% of multinational companies emphasize the importance of adhering to International Financial Reporting Standards (IFRS) for global growth and transparency. 🌍 Aligning with IFRS isn’t just a compliance measure—it’s crucial for ensuring consistency in financial reporting across borders. 📈 By adopting IFRS, companies not only enhance their credibility but also attract global investors by providing clear and comparable financial data. 📊 💼 Here are key takeaways: 1️⃣ Standardize financial reporting to improve transparency and investor confidence. 🚀 2️⃣ Simplify global operations by aligning financial practices across all subsidiaries. 🚀 3️⃣ Enhance financial analysis capabilities to make informed strategic decisions. 🚀 4️⃣ Foster long-term growth by meeting international financial reporting expectations. 🚀 Let's explore how IFRS can elevate your company’s financial reporting and global standing! 💬 #IFRS #FinancialReporting #GlobalStandards #MultinationalCompanies #InvestorConfidence #FinancialTransparency #BusinessGrowth #CorporateFinance #FinancialAnalysis #Compliance #GlobalEconomy #AccountingStandards #FinancialIntegrity

🌍 Understanding IFRS Fundamentals: Why They Matter Today In an increasingly interconnected global economy, International Financial Reporting Standards (IFRS) have become essential for ensuring transparency, consistency, and comparability in financial reporting. Here’s why IFRS is more relevant than ever: 1️⃣ Global Standardization: IFRS provides a common accounting language across borders, making it easier for investors, companies, and regulators to understand and assess financial statements from different countries. 2️⃣ Improved Transparency: By enforcing a principles-based approach, IFRS enhances the clarity and transparency of financial reporting, helping stakeholders make better-informed decisions. 3️⃣ Facilitating Global Capital Flow: With more than 140 countries adopting IFRS, it streamlines financial reporting for multinational companies, fostering smoother cross-border investments and capital flows. 4️⃣ Adaptability and Relevance: IFRS continues to evolve to address emerging issues such as sustainability reporting and digital assets, keeping the standards relevant in today’s fast-changing business landscape. For finance professionals, staying updated on IFRS is not just about compliance—it's about being prepared for the future of global finance. 💡 #IFRS #Finance #GlobalEconomy #FinancialReporting #Transparency #Accounting #FinanceProfessionals

Big Changes Coming to Financial Reporting for US Companies: Are You Ready? Starting in 2027, the new IFRS 18 standard will transform how US-based companies (and those operating globally) present their financial performance. This new standard introduces: 👉 A more structured income statement with new categories for income and expenses 👉 Inclusion of some ‘non-GAAP’ measures in audited financial statements 👉 Greater disaggregation of information to provide better insight for investors These changes aim to improve consistency and transparency across industries, aligning financial reporting with investor expectations. US companies that report under IFRS or work with international entities need to prepare now — updating systems, revising processes, and communicating impacts with stakeholders. Ensure you're ready for the 2027 shift! Contact our team to see how we can help: https://buff.ly/3ZU1Qb8 #IFRS18 #FinancialReporting #AccountingStandards