FBK Completed the Consulting Project for RUSNANO

FBK International Financial Reporting and Assurance and Valuation specialists completed a comprehensive consulting project for RUSNANO Group during which they rendered assistance with the preparation of the consolidated financial statements under IFRS for 2014 and reviewed the valuation of the RUSNANO investment projects.

According to FBK Partner Askold Birin, International Financial Reporting and Assurance Director, FBK provided advice to RUSNANO on the International Financial Reporting throughout the period of the IFRS application by the Group. “The project we have implemented for RUSNANO has no similar in the Russian practice, said Askold Birin. He noted that RUSNANO was one of the few companies in Russia that deals with major investment projects, its major assets are securities, sharing and debt instruments, other financial instruments whose value is volatile. “The state assumes the risks of the RUSNANO projects so it is extremely important to properly assess and properly reflect all the company’s assets and transactions in the reporting,” explained the FBK partner.

As Alexander Matyushin, Valuation Associate Director, pointed out, at the previous stages of work with the clients FBK developed and applied the methodology for assessing the enterprises in the field of high technologies with taking into account a whole range of specific features of financing of investment projects. “We are currently reviewing the valuation of financial investments into the projects as at the end of 2014. Such procedure is very important for making corrections and compiling full and objective reporting under IFRS,” added Alexander Matyushin.

In his opinion the reviewing of financial assets valuation is not a simple task by itself, and in this particular case extra difficulty is created by the fact that the value of financial instruments changes with the time; one should take into consideration not only the specifics of financing and functioning of the companies under valuation, the uniqueness of their products, but also the market condition and particular assets in the market. The value cannot be determined correctly without such refinements.

“It is not the first year that FBK has been rendering advisory services to RUSNANO on the preparation of the reporting and the methodology of accounting. However, questions regularly arise in connection with the emergence of new business transactions or amendments to the standards. The Group consolidated reporting issued on time means that we have successfully coped with our task again,” commented Anna Drozdova, International Financial Reporting and Assurance Senior Manager.

The consolidated financial statements of RUSNANO Group prepared in accordance with the international financial reporting standards and certified with the auditor’s report was issued on 19 March 2015.

RUSNANO Group promotes the implementation of the state policy for the nanoindustry development by investing into high-tech projects that generate new productions in Russia.

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