Transformation under IFRS
Today most countries around the world apply international financial reporting standards (IFRS). According to the information of the Committee on IFRS, international standards are permitted for use in 23 and are mandatory in 65 countries. Each year the number of countries, applying IFRSs, increases.
The standards (IFRS, GААР) are adopted in most foreign organizations on an obligatory basis, on international exchanges and to attract foreign financing sources, as well as to enhance the positive image of the company.
In Russia, the use of IFRS over the past 10 years had been firmly established through the adoption of laws on financial statements. For Russian companies the application of IFRS allows to provide managers with information that greatly improves management efficiency, enables them to communicate properly with the market and shareholders. A list of companies where the use of IFRS is already mandatory, or even voluntary, is constantly expanding.
The use of IFRS requires qualified personnel and data processing. For many medium and small-size companies it will cost quite expensive. For this reason, it will be rational for such organizations to use IFRS, when the project on accounting for small and medium-size enterprises is accomplished.
Therefore, it is necessary to prepare in advance and to choose a reliable company for the preparation of accounting according to the IFRS.
We offer You our services and we are ready to share the experience gained in previous projects related to the accounting under IFRS.
The company BDA-Audit performs a full range of professional services in the field of IFRS. Our specialists have huge experience in implementing projects in the field of IFRS with a varied degrees of complexity, both for Russian and foreign organizations in various industries, including dozens of branches and subsidiaries in different regions of Russia.
During preparation of audit reports in accordance with IFRS (GААР), we are guided by the International Standards of Auditing (ISA).
The audit consists of::
- testing of transactions and evidence supporting the values and disclosures in the financial statements;
- evaluation of applied accounting principles and significant estimates determined by management;
- assessment of reporting in general;
- identification of the audit deficiencies in the accounting and internal control system;
- discussion of identified deficiencies with the Client's staff (unless otherwise specified by the client while signing the contract), whereby the majority of errors can be corrected prior to the issuance of the audit report.
The list of services provided in the field of IFRS and US GААР Is the following:
- Preparation of consolidated financial statements in accordance with IFRS and US GААР;
- Transformation of financial statements;
- Setting of parallel accounting using IT technology;
- Consulting and methodological support of the implementation of IFRS/ US GААР;
- Training of personnel to apply IFRS and US GААР in practice.