IFRSjärjestelmä

IFRSjärjestelmä refers to the implementation and application of International Financial Reporting Standards (IFRS) within a Finnish context. IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) that are used in many countries around the world, including those within the European Union. Finnish companies, particularly those listed on stock exchanges or operating internationally, are required to adopt IFRS for their consolidated financial statements. This adoption aims to provide greater transparency, comparability, and reliability in financial reporting for investors and other stakeholders.

The transition to IFRS can involve significant changes to accounting policies and procedures. Companies must ensure their accounting systems and personnel are equipped to handle the complexities of IFRS, which often differ from previous Finnish Generally Accepted Accounting Principles (Finnish GAAP). This includes understanding and applying standards related to areas such as revenue recognition, financial instruments, leases, and business combinations. Expert advice and thorough training are often necessary to navigate the adoption process successfully. The goal of IFRSjärjestelmä is to align Finnish financial reporting practices with international best practices, facilitating cross-border investment and economic integration.