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Updated roadmap for IFRS transition in Iran

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16 Nov 2016

The Iranian Securities and Exchange Organisation (SEO) has updated the IFRS transition roadmap. The dates remain unchanged, but the list of companies coming under the new requirements has been refined and a dual reporting requirement has been added.

The new roadmap dated 15 November 2016 states that from fiscal years beginning on or after 21 March 2016 all banks, insurance companies, listed financial institutes, and all listed companies with registered capital of more than 10 trillion Iranian rial must prepare two sets of financial statements - one in accordance with IFRS and one in accordance with Iran GAAP. Both sets of financial statements must be audited.

Please click for more information on the Tehran Stock Exchange website.

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