IFRS Application- Mandatory on March20, 2016
On February 11, 2014, SEO has made the below announcement to all listed companies and financial institutions, their subsidiaries and associates as well as SEO's trusted audit firms, about adoption of IFRS:
Under the authority of the resolution made at the Audit Organization's annual general meeting on September 18, 2011 (which was approved by the Minister of Economic Affairs and Finance on May 31, 2012) that binds those listed companies and financial institutions appointed by SEO, and consequently their subsidiaries and associates, to prepare their financial statements under International Financial Reporting Standards since the date appointed by SEO, the resolution regarding adoption of IFRS, which was approved on January 11, 2014 by the SEO's board is announced as below:
"all listed companies and financial institutions, their subsidiaries and associates are allowed to prepare the consolidated or combined financial statements, for the periods starting from March 21, 2013 and after, under the IFRS. In this regard, the parent company's financial statements must be prepared and presented under Iranian Accounting Standards, however, there is no need to prepare the consolidated financial statements under the Iranian Accounting Standards. Apparently, optional application of IFRS by the parent company is permitted.
It is important to note that bigger listed companies are bound to adopt the IFRS since March 20, 2016."
Considering the fact that there is less than two months left to the new year, March 20, 2016, is the above task achievable?
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