Satyam Computer Services Ltd. (NYSE:SAY), a leading global business and information technology services provider, today announced that it has posted its audited results for Fiscal Year 2008 in accordance with the International Financial Reporting Standards, making it one of the first Indian companies to do so.
The IFRS is a compilation of principle-based standards designed to enable a more universal understanding of operational reporting. It is gaining widespread global acceptance; the European Union adopted the standards in 2005, while Canada, China, Japan, and the United States also plan to converge. The Indian Institute of Chartered Accountants has also plans to adopt IFRS throughout the country by 2011.
“We see considerable value in adopting IFRS,” said Srinivas Vadlamani, the company’s chief financial officer. “As a global standard, it enables comparison and comprehension of financials, regardless of a company’s location. And, since Satyam has adopted the standards, our operational reporting can be understood, without reconciliation, by more than 100 countries that already permit or require IFRS reporting. Further, the move provides clarity and consistency to Satyam’s investors in Europe, where our company is growing quickly.”
