IFRS

IFRS

Today, auditing and consulting in relation to statements prepared in accordance with the IFRS are among the most popular services in the Russian market.

Do you prepare the IFRS statements? Would you like to prepare the IFRS statements? In the both cases, we will be glad to see you.

Unlike a majority of national accounting systems involving mandatory compliance with the regulatory requirements, the International Financial Reporting Standards (IFRS) are based on a system of principles following which enables to interpret any business operations in the accounting unambiguously and consistently. This ensures high transparency and comparability of financial statements regardless of the country of application, industry or actual volume of companies.

The IFRS are developed and updated by the International Accounting Standards Board (IASB), an independent expert group forming part of the IFRS Foundation, an international non-profit organization established in 2001. The basic IFRS principles are the accruals, going concern, prudence and relevancy concepts.

According to the IFRS Foundation (2018), application of the IFRS to a certain degree is mandatory in over 140 jurisdictions; application of the IFRS is permitted but not mandatory in many others.

In Russia, the following types of companies and organizations should prepare the IFRS statements:

  • credit institutions;

  • insurance companies;

  • legal entities whose shares, bonds, and other securities are traded at on-exchange trading by inclusion in quotation lists;

  • legal entities whose constituent documents set forth mandatory submission and publication of consolidated financial statements;

  • management companies of investment funds, mutual funds, and non-governmental pension funds;

  • clearing companies;

  • non-governmental pension funds;

  • joint-stock companies whose securities are owned by the federal government, the list of which is approved by the Government of the Russian Federation;

  • federal state unitary companies, the list of which is approved by the Government of the Russian Federation.

To apply the IFRS in Russia, the necessary infrastructure which includes the relevant laws recognizing the IFRS for application in the territory of the Russian Federation, the right to use the IFRS text in Russian, the official IFRS translation, the statements control system as well as the mechanism of generalizing the IFRS application experience has already been created.

We offer:

  • Audit of financial statements prepared in accordance with the international and foreign national standards;

  • Preparation (transformation) of financial statements in accordance with international and foreign accounting standards (IFRS, U.S. GAAP etc.);

  • Preparation of regulations and guidelines for transition to preparation of financial statements in accordance with international standards;

  • Advisory services concerning methodology of financial statements preparation in accordance with international standards and concerning application of international standards.

Availability of transparent financial statements prepared in accordance with the IFRS and reflecting the actual business situation is the necessary tool and a competitive edge for communication with partners, investors, creditors.

Our specialists have high qualification necessary for work in the field of international accounting and auditing standards.

Statements certified by our company are accepted by the leading financial institutions (banks, exchanges etc.), investors, and shareholders worldwide.

The Company employs a large team of directors, managers, and experts being members of the ACCA or having the ACCA DipIFR qualification. More than half of all of Crowe Expertiza's certified auditors have the Single Qualification Certificates (2011 form) authorizing to work with the major consumers of the IFRS services.

ISO 9001:2015

The quality management system of Crowe Expertiza LLC's services is certified by Euro-Register confirming compliance with the ISO international standard.

Contact us

Vladimir Potekhin
Vladimir Potekhin
Deputy Managing Partner - Head of IFR Department