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Audit and tax consulting

Conversion of financial statements to comply with IFRS

Conversion of financial statements to comply with the International Financial Reporting Standards (IFRS) is performed  within the time limits as agreed by the parties based on contract where the time required for providing the service, the number of experts involved in the project and the price and responsibilities are  specified.

Scope of work:
•    Detailed review of organization’s operations to identify the differences between their representation in accordance with the Russian Accounting Standards, International Financial Reporting Standards or any other accounting system selected.
•    Collection of additional information that will be required for conversion.
•    Formulation of accounting policy in accordance with IFRS together with organization’s staff.
•    Determination of reporting functional currency depending on organization’s business structure and determination of reporting form and reporting period depending on external targets.
•    Development of conversion model (table systems).
•    When required, the parallel plant records are prepared.
•    Conversion through translation of statement items into functional currency and, then, into selected reporting currency and making required corrections to comply with IFRS.

Work product:
Written report containing the following information:
Tables with detailed description of specific procedures for conversion of financial statements prepared in accordance with the Russian Accounting Standards into statements complying with the international standards.  
Explanation of conversion table filling procedure for further use of these tables by organization unassisted.
Converted statements complying with IFRS and consisting of Statement on Financial Position, Income Statement, Cash Flow Statement, Statement on Changes in Stockholders' Equity and other information to be disclosed in accordance with IFRS for preparation of memorandum.