According to Wikipedia, the International Accounting Standards (IAS), also known as IFRS (International Financial Reporting Standards), are technical accounting standards adopted by the IASB, a private institution with headquarters in London. IFRS are international norms to be followed in accounting and they are part of a manual that is accepted around the world.
Although at first glance they seem to involve an accounting software update, they are actually a comprehensive process that derives multiple benefits, including the submission of financial statements under the same conditions as foreign companies, whether as competitors or potential investors. This topic is not an exclusive affair of a company's financial department. It is also a point of reference for small changes in other areas.
As part of ATmedios' vision, the implementation of IFRS is more than just a legal requirement from the regulatory field in Colombia. It is rather an opportunity to improve our financial and commercial practices, allowing us to showcase our company in international markets.
Thanks to the support of the Crowe Horwath consulting company, our entire team has been trained on the necessary adjustments to make the transition from the previous standard to the accounting language used worldwide. Today, we are undergoing the implementation process and we are ready for the new challenges brought by the next five-year period.
By: Liz Leandra León
