An International Financial Reporting Standards (IFRS) educational workshop was held in BIM in the presence of BIM’s Chairman and members of Board of Directors.
According to BIM Information Centre, BIM has presented its financial reports for 2014 and 2015 based on IFRS standards to improve accounting processes in order to be more active in post-sanctions international banking interactions.
The goal for improving these standards are harmonization, convergence and adaptation of accounting standards to achieve international comparability in financial reports.
The advantages of IFRS standards are in the transparency of the reports, improving accountability and collaboration in economic performance. This will result in the investors making wise economic decisions, and in optimized resource allocation.
According to the circular of the Central Bank of the Islamic Republic of Iran, Iranian banks are committed to present their financial reports adhering to IFRS Standards to improve their relation to global economic and financial markets, to create a common language, and to synchronize the auditing, moral standards and monitoring mechanisms.
It's worth mentioning that BIM was the first Iranian bank to present its financial reports according to the IFRS system.