International Financial Reporting Standards (IFRS) are different from the Russian Accounting Standards adopted in Europe and America. Maintaining IFRS financial statements is a prerequisite when raising finance from foreign banks or investment companies (raising loans, organising IPOs).

In Russia, IFRS reporting is currently mandatory for public joint stock companies, insurance companies and credit institutions.

In most cases in the Russian Federation, documentation under generally accepted accounting principles is prepared at the end of the reporting period by transforming the completed Russian reports.  Thus, IFRS reflect indicators for the past period and exclude the possibility of their prompt creation to control the financial indicators. However, there is a practice of keeping the accounting records in accordance with IFRS on an expeditious basis.

In case of your interest in drawing up and keeping accounts according to the International Financial Reporting Standards, the “Prisyazhnyuk Group. Investment Management» JSC specialists are ready to promptly provide a range of services:

— Development of accounting policies;

 — Creation of a single chart of accounts;

 — Re-classification between IFRS and RAS accounts; 

— Transformation of accounts from RAS to IFRS for the past 3 (or more) years;

 — Development and implementation of a template journal and transformation table;

 — Training (if necessary) your company’s employees, teaching them to prepare financial statements according to generally accepted accounting principles without any assistance.

Preparation of reports:

1. On the financial situation, prepared in accordance with the IFRS requirements,
2. On total income and on the financial resources movement,
3. On changes in equity, all notes and disclosures in the financial statements.

 The qualifications of our staff are confirmed by ACCA Diplomas in International Financial Reporting (DipIFR).