Areas of IFRS application
Attraction of foreign investments
The goal of your company is to attract foreign investments. How to show a potential investor attractiveness of your business? First of all, you need to talk to them in one language, and this language is IFRS. IFRS helps you to speak about your financial performance and to prove that these parameters are in line with the expectations of investors and are comparable with those inherent in the industry on world markets.
Work with foreign partners
Do you already work with foreign partners? Then you don't need explanation to understand that performance of the company should be presented under IFRS or similar corporate standards of foreign partners.
Improving business transparency
Does your business cease to be transparent to you? Do you have a lot of companies and business areas? Consolidated statements under IFRS will provide fair presentation of profits, business areas, consolidated assets and liabilities.
Do you want to prepare the appropriate management statements? Then we will explain to you why IFRS rules reflect better the economic substance of transactions as compared to Russian Accounting Standards, and are more suitable for management statements. IFRS applied as basic standards to management accounting mean the simplified regulation and provide confidence in the quality.
Preparation of the annual consolidated statements under IFRS is obligatory in accordance with the Law No 208-FZ “On consolidated financial statements” if your organization qualifies as:
- Lending institution or insurance organization;
- Non-governmental pension fund;
- Management Company for investment foundation, unit trusts and non-governmental pension funds;
- Clearing organization;
- Federal State Unitary Enterprise included in the list approved by the Government of the Russian Federation;
- Open joint-stock company whose shares are federally owned. Included in the list approved by the Government of the Russian Federation
- Other company with listed securities.
- Federal laws provide for preparation, presentation, publication of the consolidated financial statements;
- Founding documents of an organization provide for presentation and (or) publication of the consolidated financial statements.
If at least one of the following areas of IFRS application relates to your business, we can help you to obtain an understanding of every aspect of international financial reporting standards. Our specialists possess high professionalism, expertise, appropriate qualification and knowledge of specifics of auditing and reporting under IFRS.