When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.
This can be particularly difficult for Cyprus companies operating in Russia. In our example we will use a Limassol offshore company located in Saint-Petersburg. The current financial disciplines in the Russian Federation can be quiet strict compared to typical accounting regulations in the republic of Cyprus. We would recommend outsourcing your accounting services rather than attempting to do it using your Cyprus qualified Accountants and risk the penalties imposed by Russian authorities.
We use professional accounting software for recording and keeping proper records, extracting several reports, and preparing financial statements in accordance with Russian Accounting Standards (RAS).
Our services in this field include:
- Maintenance of proper accounting and related records in both Rubles to Euros where required. This includes the holding accounting records in line with requirements regarding International Accounting Standards and Russian Accounting Standards.
- Preparation of necessary periodic management accounts and other reports. Upon the request we can prepare account summaries (income statement, balance sheet, and related notes) including other tailor-made reports in both currencies.
- Support in the preparation of financial statements based on IFRS. This includes the preparation of yearly financial statements in full compliance with IFRS and RAS.
- Bridging the gap between Cyprus & Russia. Where the appropriate accounting treatment of specific transactions is not identifiable in both jurisdictions, we can help by advising the companies to understand such transactions and apply the appropriate accounting principle as per the specific jurisdiction, bringing the Limassol company in line with Saint Petersburg.
- Issuance of accounts invoices. We can also issue commercial invoices based on instructions received from our clients, as well as recording such invoices in the accounting records of the Saint Petersburg office.
- Preparation of bank reconciliations in Russia & Cyprus. We may assist in preparing bank reconciliations for both Saint Petersburg and Limassol offices. This includes bank movement reports and a breakdown of reports for specific periods upon request.
Contact us to find out more about our accounting services and incorporating a company in the Russian Federation. You can also read more here about business expansion and relocation.