In the past decade, the importance of financial reporting has become a top priority in boardrooms of financial institutions. IFRS is one of the legislations that brought in a radical change in reporting standards in the European Union. IAS/IFRS enforces a common integration process by establishing a standard financial reporting language that will make markets more efficient. This standard has now been accepted globally. As a consequence, over the next few years, companies around the world are expected to provide statements adhering to IFRS accounting standards. IFRS is being continuously and rapidly developed because of convergence with the US GAAP and the constant need to address new topics. Effective risk and capital management are critical parameters that present insightful and transparent disclosures in the market. Comparison with competitors and cross border trading has improved greatly because of uniform regulatory and IFRS disclosure requirements. IAS/IFRS focuses extensively on the recognition, de-recognition and measurement at fair value of companiesí assets and liabilities.

iCAST XBRL digital reporting together with the Compliance Suite is designed to address IFRS disclosure requirements. Collaborative technologies help in process design and automating internal controls. It improves reporting, monitoring efficiency and streamlines cross-functional processes end-to-end. Secure collaboration with internal finance groups and external accounting boards is now possible. Business houses may find complying with regulations like IFRS daunting because of their far-reaching impacts and implications. iCAST is a significant enabler that uses robust architectural framework to build sound governance policies and procedures, efficient internal controls and standard financial reporting structures