IFRS

IFRS

Transformation of financial reports prepared by national belarussian standards into IFRS reports

Except for the reporting made by belarussian national accounting standards, the domestic companies make the financial reporting in conformity with standards IFRS (IAS — IFRS). For the most effective preparation of the reporting under IFRS (IAS — IFRS) or GAAP US, Belarussian companies should choose systems of accounting, allowing to maintain parallel accounting both under national and international standards.

However many companies must make reports under Western standards while the corresponding systems have not been introduced yet. In such cases transformation of already protected (sometimes audited) Belarussian reporting is carried out.

At presence of the parallel accounting the company does powerful initial investments, and further only carries out maintenance and service of system (systems) of accounting. As a whole, the financial reporting received as a result of transformation, is less exact, and the general risk of mistakes is more considerable, than at maintaining parallel accounting. Thus the parallel accounting means use of the corresponding program and knowledge of principles and standards of the international accounting.

One mustn’t indulge in illusions in occasion of simple data transfer from national registers to IFRS statements.

We render services on transformation of financial reports prepared by national standards into IFRS reports (IAS — IFRS). Besides we carry out statement of accounting (elimination of differences between national and international accounting standards as of date of parallel accounting implementation, reclassification of accounts, etc.)