Due to the significance of the IFRS or the International Financial Reporting Standards, Dana Energy is preparing to implement the standards in its financial statements as of next fiscal year.
The IFRS is a single set of accounting standards, developed and maintained by the International Accounting Standards. The standards provide Dana Energy’s global partners with the ability to compare the Iranian company’s financial performance with the international peers.
Of note, the Iranian financial market regulator has already called on all companies listed in the equity markets to also publish a copy of their financial reports based on the international standards.
Although Dana Energy is not a listed company, the board has decided to adopt the international standards as the company has been so ambitious to have a strong presence in the global energy scene. Should the Iranian company intend to open branches abroad or make joint ventures with foreign partners, it will have to publish its financial reports based on the IFRS.
The reports can then be audited by the global audit organizations, which give additional credit to the company’s reports.
Dana Energy’s efforts to adopt IFRS standards are in line with an internal policy that encourages transparency in doing business with domestic and foreign partners.
We hope that the company’s new financial reports will draw the attention of the foreign investors and financers who are interested in the Iranian energy sector.
Mohammad Reza Javadi,