NFRS Implementation Services

Implications of an accelerating global trend

The movement toward International Financial Reporting Standards (IFRS) as a single set of globally accepted accounting standards is quickly gathering momentum. IFRS is rapidly gaining acceptance globally, spurring companies throughout the world to assess the potential implications and benefits of adopting these standards. Many Singapore companies operate globally, either as headquarters with significant operations overseas, or as part of foreign multinational companies. With such globalised economy, the IFRS has played an important and beneficial role in meeting the needs for cross border financial reporting. Currently, the local accounting standards - Singapore Financial Reporting Standards (FRS) are closely modeled after the IFRS, with minor modifications. By 2012, all Singapore incorporated companies listed on the Singapore Exchange will fully adopt the IFRS as their primary accounting framework. While Singapore companies are already familiar with the IFRS, on-going developments and enhancements to the IFRS will continue to require efforts to implement.

NFRS
Nepal Financial Reporting Standards (NFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable within Nepal. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.

NFRS was issued by Nepal Accounting Standard Board in 2013. Earlier it has issued Nepal Accounting Standards. NFRS is prepared in line with on IFRS.