Transformation of Financial Statements to IFRS
Nowadays, an increasing number of Russian companies are required to prepare their Financial Statements as per International Financial Reporting Standards (IFRS).
The different companies who will be required to prepare their financial statements under IFRS can be divided into the following several groups:
- Companies raising financing from financial institutions.
- Companies conducting transactions with foreign counterparties.
- Companies trading on the stock exchange.
- Companies with foreign Shareholders or a holding company abroad.
- Companies voluntarily adopting IFRS.
The benefits of outsourcing the process of transformation of Russian accounts to IFRS are:
- Cost saving and increased efficiency: using the service of outside companies and specialists usually cost less and in turn increase efficiency.
- Much greater level of knowledge & expertise: independent outsourcing companies specialised in transformation to IFRS usually produce a higher standard of preparation and highly qualified specialists, whose knowledge is up to date.
- Clear methodology & availability of software: companies specialised in provision of transformation service constantly improve its quality & use the most proficient templates, software & methodology.
- Additional control & objective opinion: the risk of biased treatment of financial information will be diminished and additional external review & control will be imposed when using an independent outsourcing company.
- Supportive consulting on questions related to IFRS: during the transformation process, our specialists will closely communicate to management and accounting staff of the company pinpointing the drawbacks & advising improvements regarding accounting issues and IFRS.
Eltoma Corporate Services has highly qualified specialists with extensive experience available to offer you wide range of services in sphere of transformation of financial statements to IFRS, specifically:
- Transformation of RAS accounts for the year to IFRS.
- Transformation of RAS accounts to IFRS on a regular basis (quarterly).
- Preparation of full set of financial statements under IFRS in both English and Russian languages.
- Transformation and consolidation of Group of companies under IFRS.
- Transformation of accounts first time adopting IFRS.
- Audit support regarding IFRS financial statements prepared.
Our company is using individual approach to every client in particular taking into account all the requirements and needs as well as size and complexity of transactions performed. In order to define the cost and individual plan of work the following information is required to be provided beforehand. Please contact us to see how we can help.
In the result of our work performed the company will be delivered with the full set of financial statements prepared under IFRS in both languages (Russian and English), including all supporting information, transformation tables, mapping, adjustments, etc.
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