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Preparation of financial statements under International Financial Reporting Standards (IFRS)


Russian legislation provides for the mandatory compilation of financial statements under IFRS by the following companies (Article 2 of the Federal Law of the Russian Federation "On Consolidated Financial Statements" No. 208-FZ of July 27, 2010):

  • credit firms,
  • insurance companies (with the exception of insurance medical enterprises that carry out activities exclusively in the field of compulsory health insurance);
  • non-state pension funds,
  • management companies of investment funds, mutual investment funds and non-state pension funds; Clearing enterprises,
  • federal state unitary enterprises, the list of which is approved by the Government of the Russian Federation; Joint stock companies whose shares are in federal ownership and whose list is approved by the Government of the Russian Federation,
  • other companies whose securities are admitted to organized trading by including them in the quotation list.


For the preparation of financial statements under IFRS, companies usually use one of two methods:

  • Parallel accounting,
  • Transformation of reports (from RAS to IFRS).

In this case, the most common way is to transform the reporting prepared under Russian Accounting Standards (RAS).

Transformation of reporting

Transformation of the reporting is carried out after the end of the reporting period and represents a clear sequence of necessary and sufficient operations to bring accounting (financial) statements, compiled under RAS, into the format of IFRS.

Transformation of RAS accounts usually includes the following stages:

  • classification of articles of the Russian reporting and separate economic operations on the basis of requirements МСФО,
  • Preparation of a draft balance sheet,
  • Adjustment of Russian financial statements,
  • preparation of IFRS statements based on Russian accounting and related adjustments.

Parallel record keeping

The main advantages of parallel accounting are the correctness, reliability and speed of data preparation. IFRS reporting is carried out almost simultaneously with the formation of similar reports, the registration of transactions under RAS. Thus the information can be compared, that raises its accuracy.

At the same time, the implementation of parallel accounting requires the use of advanced information technologies, the availability of a developed IT infrastructure and a certain staff of specialists. It takes considerable money and time to develop and implement a specialized information ERP system, training its users, and technical support. Increased costs for the maintenance of specialized personnel.

Consolidation of reporting

Consolidation includes the transformation of the reporting of each individual company in the group, as well as a number of additional procedures:

  • adaptation of various accounting systems to a single accounting policy,
  • transfer of information from various accounts to a single work plan of accounts,
  • exclusion of intercompany turnover,
  • calculation of net worth of investments in subsidiaries and associates,
  • valuation of goodwill and determining the proportion of non-controlling shareholders,
  • Formation of financial statements and explanations to it.

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