Listed firms bracing for the tighter scrutiny of IFRS

New rules severely limit firms' ability to dress-up financial statements

Kathimerini Greece | Yiannis Papadoyiannis - Kathimerini
ATHENS

The mandatory adoption of International Financial Reporting Standards (IFRS) by listed firms this year is likely to overhaul the way financial statements are compiled and assessed.

The core of the philosophy on which IFRS are based is that the statements reflect as accurately as possible a company's financial situation at current values and prices. In other words, anyone reading the balance sheet - which now resembles a book - will have a true picture of a firm's liabilities, assets and operations, which will now be fully illuminated.

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