MP Calls for Use of IFRS to Boost Foreign Investment in Iran

An Iranian MP has emphasised the need to use the international accounting standards in order to attract foreign investors to Iran.

“A company’s financial reports are acceptable to foreign investors if they are carried out based on international accounting standards,” noted Mohammad Qaseem Osmani, an Iranian Parliament member.

According to a Farsi report by ICANA, he noted that “the International Financial Reporting Standards (IFRS) make it possible to compare economic units.”

Osmani went on to say that the IFRS must be used so that internationally standard financial statements are issued. It paves the way to attract foreign investors to Iran.

“An Iranian bank’s financial performance and cost and benefit can be compared to that of foreign banks only if the same financial standards are set,” he said, stressing that the financial reporting procedures must be identical for economic comparisons.

“At least, the banks and companies have to announce their financial conditions as reported by IFRS.”

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

Iran hands death sentences to 3 Israel spies over their role in nuclear scientist assassination

An Iranian court has sentenced three individuals affiliated with Israel to death after they were…

2 hours ago

Iran says to respond to Israel’s assault at appropriate time

Iranian Foreign Minister Seyed Abbas Araghchi has warned that Tehran will give a proper response…

2 hours ago

Judiciary: Jamshid Sharmahd dies before execution of death sentence

A spokesperson for Iran’s Judiciary announced that Jamshid Sharmahd, leader of the “Tondar” terrorist group…

2 hours ago

Israeli PM considers offering millions to Hamas for release of hostages

Israel's Prime Minister Benjamin Netanyahu has proposed offering Hamas “several million dollars” for each Israeli…

2 hours ago

Israel’s army struggling with shortage of soldiers: Report

Israel’s military is facing a critical manpower problem as it runs short of thousands of…

3 hours ago

Iranians in Europe protest against EU sanctions on Iran Air

Iranians residing in Europe have launched an online petition to protest the European Union and…

3 hours ago