International Financial Reporting Standards (IFRS)
A global standard requires a global solution
Developed so that financial statements may be produced, read and understood by both local and international market players, IFRS is a critical element of our global economy. However, with global standards, comes the need for a global solution. Wolters Kluwer Financial Services’ IFRS solution is world leading.
Wolters Kluwer Financial Services’ IFRS solution accurately captures, aggregates, calculates and distributes the financial statements required for IFRS compliance. The IFRS solution includes all relevant IFRS requirements for both internal and external reporting, provides extended audit trail and drill down functionality and delivered workflows automation on the process of preparing IFRS accounts and statements.
By collecting financial data from multiple sources and storing it into a single repository, Wolters Kluwer Financial Services’ IFRS solution provides a comprehensive set of reports including the following:
- Statement of Financial Position
- Statement of Comprehensive Income (Income Statement and reconciled statement of Profit or Loss on the Income statement to total comprehensive income)
- Statement of Changes in Equity (SOCE)
- Cash Flow Statement or Statement of Cash Flows
IAS 39 and its replacement IFRS 9
IAS 39 requires that all financial assets and liabilities - everything from cash to derivatives - are recognized on the financial statements.
As more and more countries adopt the IFRS process, the more financial institutions need proven solutions. Wolters Kluwer Financial Services’ IFRS reporting includes:
- Valuation - Fair Value and Amortized Cost
- Held-for-trading at fair value
- Loans and receivables
- Other liabilities
- Hedge Relationship Builder
- Prospective and Retrospective Hedge Effectiveness Testing
For more information on how Wolters Kluwer Financial Services can help firms to meet the IFRS requirements, please contact us.