Audit according to international financial reporting standards (IFRS)
Our department offering IFRS services is ready to assist in reorganization of your accounting in accordance with IFRS in the following spheres:
- Financial accounting
- Consultations
- Audit
- Determination of new IFRS accounting policy and supporting accounting procedures
- Analysis of current discrepancies between required and available information
- Examination of influence on reporting requirements and tax accounting
- Information systems and processes
- Evaluation of information systems and processes influence on system of preparation and consolidation of your company financial statements
- Determination of required changes in the system of initial data collection that allow to obtain additional information necessary for preparation of IFRS financial statements
- Understanding of influence on other strategic initiatives of your company (for example, optimization of period closing processes, implementation of integrated information system and other initiatives aimed at improvement of processes and information systems)
- Understanding of measures necessary for creation of reliable system of dual-track accounting (i.e. Russian financial reporting standards, management accounting, IFRS)
- Economic activities of enterprise
- Understanding of influence of IFRS reorganization on company financial and economic activities
- Determination of possible measures to mitigate fluctuations of IFRS parameters
- Understanding by managements, shareholders, and analysts of new requirements to accounting in order to avoid misinterpretations of its results
- Prior to publication and announcement of results companies need time for budgeting and managing of economic activities in accordance with IFRS
- Personnel
- Top management support is necessary to successfully implement IFRS and ensure reliability of the new system
- Support shall be given at any company level, as it is not only financial (accounting) department’s concern
- Cooperation (internal and external) plan shall be developed
- Comprehensive training shall be planned to study IFRS and share the knowledge
- IFRS theoretical provisions
- IFRS practical application
- Reorganization in accordance with IFRS
- Consolidation in accordance with IRFS
