KPMG publishes a survey on key accounting issues in the retail sector.
We hope that it will be a useful source of information both for retailers who have already adopted IFRS and to those who are simply trying to get an idea of what moving to IFRS would mean for them.
The report provides typical examples of accounting disclosures for the sector, accompanied in some cases by a detailed explanation of the specific features of the business environment in which the relevant accounting judgements were made. For companies already using IFRS, this will give an indication of how consistently the standards are applied in the sector. For those not yet doing so, it will show how their financial statement preparation might look in the future.
The survey looks at the IFRS financial statements of 27 retailers from 13 countries worldwide.
George Pataraya, Head of Consumer Markets, KPMG in Russia and the CIS, commented: "The retail sector is affected by a whole range of factors, including global and local demand, world economic indicators and trends, and the adoption of international standards. Ongoing socio-economic, cultural and demographic shifts are radically changing consumer behaviour. Technology – the Internet, social media and mobile platforms – is having an ever-increasing influence on their attitudes to shops and brands and on their purchasing decisions. As a result, retail companies are getting a host of opportunities to become closer to their customers and to improve their work. While developed markets are growing slowly, emerging markets are really taking off. The impact of regulation on the retail sector is now stronger than ever."
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