OMFI focused on IFRS report preparation

OMFI give an special attention to prepare IFRS report at as of coming June 30 2020.

The report will be winded at as of cutoff date.

It is highly expected to be avoid formerly reporting system generally accepted accounting principle born fragmented financial reporting inefficiency.  IFRS project team manager Ato BesatuYeradareported .

Currently ,the institution has been lay a deep rooted foundation in project management  experience and consuming from the projects including IFRS.

The institution focused on associating project team members and intensified follow-ups. Such a practical concerns of the institutional support give an additional incitation between project team members and other staffs. Ato besatu added more.

Having this incitation, the project team members and other staffs on battling fields of work to encode every financial base of data starting from head office to branches. which is the part of the core project work to consolidate the report timely.

Moreover, the main target of the  IFRS project work is to prepare qualified financial report at as June 30,2020 and late down formerly reporting system which is GAAP.

After all, AtoBsatu reported that, formerly reporting system generally accepted accounting principle /GAAP/ is not functioned as system of financial report, because replaced by international financial reporting standard /IFRS/.

The report will be preparing by IFRS is for the 1st time in the history of OMFI .

Source institution’s corporate communication service.

Date June 10/6/2020

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