IFRS is currently, the most significant reform in the field of financial reporting standards at a global level.

Approximately 120 nations around the world have implemented IFRS for domestically listed companies, while over 90 countries have fully adhered to IFRS as notified by the International Accounting Standards Board (IASB).

In Nepal, the accounting standards are developed by the Accounting Standards Board (ASB). ASB has now issued Nepal Financial Reporting Standards (NFRS) which is in line with IFRS.

They mainly comprise of the following:

  • Nepal Financial Reporting Standards;
  • Nepal Accounting Standards;
  • IFRIC Interpretations issued by IASB;
  • Application Guidance and SIC Interpretations issued by the IASB.

We have qualified and trained resources to assist in NFRS convergence, balancing both, the short term and the long-term objectives of the businesses.