A major step forward in the drive towards a single financial reporting language is now underway --- and for the metals industry, the timing could not be better. With increasing capital markets activity across the industry and the rise of multinational companies within this sector, the need for financial reporting standards that transcend national borders has never been stronger. International Financial Reporting Standards (IFRS) look set to fulfil that need.
Within the European Union, listed metals companies are required to comply with IFRS in reporting their group financial statements. But other metals companies around the world will soon be adopting IFRS, too --- some because of pending national legislation, others because of the demands of international capital markets, still others simply because they want to achieve greater reporting transparency and believe that IFRS provides the means to do that. Adopting IFRS is a complex challenge, however. And as a recent PwC global survey of IFRS adoption suggests, many companies tend to significantly underestimate the extent of the effort required.
How PricewaterhouseCoopers can help you
Based on our own research and experience, PwC has developed the first set of solutions specifically for metals companies. Please contact one of our IFRS experts for more information on how we can help you apply IFRS to your company.
