FBK will consult Rosseti on IFRS issues

Based on the results of open competitive negotiations FBK has been selected as a consultant of Rosseti and its subsidiaries on IFRS statements execution. 

FBK experts will render consulting services on generation of IFRS consolidated statements for 2014 both to parent company Rosseti and its subsidiaries, magistral and interregional electric grid companies, in particular, to IDGC of Center, IDGC of Volga, IDGC of the North-West, Lenenergo, IDGC of Ural, IDGC of Siberia, IDGC of the South, MOESK and many other.

According to Polina Sungurova, Project Manager, Deputy Director of FBK International Reporting Department “The project started by us is comprehensive – our specialists will carry out an actuarial valuation of pension and social liabilities, non-current assets depreciation tests and provide consultation support in the course of execution of semiannual and annual consolidated financial statements of the Company for 2014. Taking into account that we are not only going to consult Rosseti but also its subsidiaries, 15 largest electric grid of the country’s companies, the project is expected to become one of the Russian largest IFRS consulting projects. 

According to Polina Sungurova Russian Grids has chosen FBK as a consultant to prepare consolidated statements since 2008.  

Rosseti is an operator of electric grids in Russia, one of the largest electric grid companies in the world. The company consists of 43 subsidiaries and affiliates including 14 interregional companies and magistral grid one. The controlling shareholder is the state represented by the Federal Agency for State Property Management.

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