ICLC auditors have been engaged in the preparation of reporting of Russian companies in accordance with IFRS since 2000 and have considerable experience and knowledge in this field. To address international issues we engage partners from the Nexia International network, of which we have been a member since 2007. We constantly update and improve our knowledge and experience, attend relevant training events, take part in mutual projects with the “Big Four” companies, are regularly subjected to, and pass, procedures of the Nexia International quality control programme, while having constant access to the effective methodological support and resources of the international network.
Professional services of ICLC auditors:
- Audit of financial statements, prepared in accordance with IFRS.
- Preparation of financial statements in accordance with IFRS by means of transformation of statements, prepared in accordance with the Russian Accounting Standards, in statements, corresponding to IFRS:
- Preparation of individual financial statements in accordance with IFRS.
- Preparation of consolidated financial statements in accordance with IFRS.
- Preparation of combined financial statements in accordance with IFRS.
The key difference of a combined financial statement from a consolidated one is the ability to form a combined statement for a group of companies, not interconnected legally and not having a parent company. the group perimeter should be determined on the basis of an analysis of which companies are controlled by the ultimate owners of the group, which organisations are involved in the same business processes and a merger of which firms will provide the most comprehensive picture of the financial results of the business activity.
However, if a question arises as to which type of statement should be prepared — consolidated or combined, it is better to prepare a consolidated statement. a consolidated statement is better protected with regard to the requirements of both international standards and internal Russian regulatory acts, and thus inspires more trust among investors.
But when a company’s owners cannot or do not have enough time to execute a newly formed legal structure of the group by the reporting date, then a combined statement should be selected, and ICLC auditors will help you to prepare it. In the course of such work we will help you to solve even the most complex issues related to the preparation of a combined statement:
- we will define the perimeter of the combination of the companies, included in the group;
- we will help to identify the factors, confirming the existence of controls, etc.
- We can provide individual training programmes for your employees on the processes involved in the preparation of financial statements in accordance with IFRS.
- First time adoption of IFRS:
- Develop and implement an individual plan of transition to IFRS.
- Analysis of current assets and liabilities as of the date of transition to IFRS.
- Analysis of the economic content of operations to show it in the reporting (priority of the substance over the form).
Comparative analysis of IFRS and the Russian Accounting Standards to reveal differences in the assessments and to identify the areas to be adjusted.
- Preparation of the accounting policy according to IFRS.
- Preparation of account mapping according to the Russian Accounting Standards and IFRS.
- Carrying out of reclassifications, adjustments, consolidation.
- Collection of information and preparation of disclosures required in accordance with IFRS.
- Preparation of a complete set of financial statements prepared in accordance with IFRS.
The result: the client receives a financial statement, prepared in accordance with IFRS, and a complete set of working documents: transformation tables, calculations of adjustments, information collection files and other materials that can be used during self preparation of reporting in accordance with IFRS.
- implementation of new or revised IFRS;
- accounting operations, the procedure for posting of which is not directly determined in the standards;
- practical aspects of determining the presence of control for the purpose of consolidation/combination;
- depreciation, leasing, derivatives, repurchase transactions, deferred taxes, etc.