International Financial Reporting Standards (IFRS)
Sirota Consulting offers services of preparation and consolidation of financial statements as specified in IFRS.
Financial statements, compiled according to IFRS standards are not regulated by Russian Federation act of standards, inposed on statutory accounting requirements.
There is no uniform procedure of accounting report modification. Each case requires an individual approach. Leading experts of Sirota Consulting working over IFRS modification for Russian tax authorities defining independently the most beneficial method in relation to particular company accounting report.
Statutory Accounting Modification according to IFRS Service includes:
- familiarization with a current system of accounting and management accounting;
- familiarization with forms of financial reporting accepted by parent company;
- collecting data for further modification process, obtaining accounting documents and the reporting on RAS (Russian Accounting Standards);
- functional currency report definition;
- type of accounting report definition (complete accounting report, only separate parts of accounting report, reporting package for compiling a consolidated statements for a parent company);
- accounting period definition;
- opening balance calculation;
- modification model developing;
- disclosure of financial reporting item deviations in the context of both, IFRS requirements and a parent company policy;
- working out detailed work sheets (on corresponding accounting items) for data collection of accounting and management accounting and their addition and further correction;
- tabular analysis, disclosure of accounting data deviations, estimation of appropriate adjustments, interpretation and compilation of IFRS accounting reporting;
- rendering of the modified accounting report to the parent company;
Explanations and clarifications refering to IFRS are provided for the parent company in German/English/Russian languages.
The IFRS statements are submitted within the terms established by the parent company or other interested persons.