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Financial statements in accordance with IFRS

The impetus to adopt IFRS has two sources: the requirements of international markets and the desire among the world’s businesspeople for common financial standards. Moreover, statements prepared in accordance with IFRS are the foundation of informed and effective management decisions.

BEFL specialists are ready to assist you with a range of IFRS services:

  • explaining IFRS statements and applying them to particular transactions, including those involving restructuring a group of companies or M&A activity
  • analyzing the current system of collecting initial data and identifying what changes are necessary in order to prepare information in accordance with IFRS
  • providing variants of processes for preparing financial statements in accordance with IFRS
  • creating draft guidelines or accounting manuals
  • preparing draft financial statements in accordance with IFRS, including consolidated financial statements for groups of companies.

To help launch your IFRS project we can provide staff training and seminars, offer consultation and oversee the process of preparing your financial statements.

We can also help you manage the process of transforming existing accounting practices so that they comply with IFRS. This complex project establishes a system through which you will be able to prepare both separate and consolidated financial statements in accordance with IFRS. Key tasks include collecting accounting data in accordance with Russian Standards, management accounting, analysis and introducing necessary amendments.

The end result is a balanced system of collecting and adjusting accounting information for separate and consolidated financial statements in accordance with IFRS, to be further revised by auditors and provided to interested users.

At the end of the transformation project, we provide a full report along with the following documents:

  • tables of management data to be collected in accordance with IFRS
  • tables covering deviations of accounting data under Russian Standards from management data in accordance with IFRS
  • notes to tables to be used by your employees in the future
  • transformed financial statements in accordance with IFRS.

Senior management support is essential for the successful introduction and continued use of IFRS. Participation and support are essential at all levels, not just in the finance department. A co-operation plan for both internal and external stakeholders and comprehensive IFRS training will also be required.

We can also represent your business in the process of achieving international audit of your financial statements in accordance with IFRS by selecting an auditor and providing them with all necessary explanations of your financial statements, along with evidence of their accuracy and reliability.



Vladislav Novoselov
Managing Partner
Tel.: + 7 (495) 649-8155
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Lyudmila Nikitina
Audit & Finance Services Partner
Tel.: +7 (4862) 422-224
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