1C Company publishes a whitepaper on IFRS Implementation in 1C:Accounting Suite

1C:Accounting Suite fully supports International Financial Reporting Standards (IFRS) for business processes implemented in the system. The published whitepaper described implementation of individual IFRS standards.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed to IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.

1C:Accounting Suite is a small business accounting and inventory software. The solution supports US GAAP and IFRS accounting and reporting standards.

1C:Accounting Suite currently supports the following standards:

IAS 1 - Presentation of Financial Statements
IAS 2 - Inventories
IAS 7 - Statement of Cash Flows
IAS 21 - The Effects of Changes in Foreign Exchange Rates

The system's business processes and reporting also support the IFRS for SMEs (small and medium-size entities).

Download the whitepaper here.