IFRS-related advisory services
Companies planning to issue securities (shares, bonds, etc.) are required, pursuant to Article 30 of Federal Law No. 39-FZ "On the Securities Market" dated 22 April 1996, to ensure the accessibility of information to all interested parties. The list of disclosed information includes, alongside the issuer's report, notifications of significant matters, and financial statements, the issuer's consolidated financial statements prepared in accordance with IFRS Accounting Standards (Parts 1-2 of Article 2, Part 1 of Article 3 of Federal Law No. 208-FZ "On Consolidated Financial Reporting" dated 27 July 2010). The reporting period for annual consolidated financial statements is the calendar year from 1 January through 31 December.
FBK offers wide-ranging advisory services on the application of IFRS Accounting Standards to financial institutions operating in or planning to enter the financial market, including preparation of financial statements and accounting policies, guidance on transitioning to IFRS, support for first-time IFRS adoption, automation of IFRS accounting processes, and advisory on specific IFRS-related matters.
Leveraging its auditors' unique knowledge of International Financial Reporting Standards (IFRS/IAS), FBK provides high-quality consulting services in the area. FBK is the market leader in audit and consulting for financial institutions confirmed by Expert RA. The firm also consistently secures 6th place in the agency's general rankings of Russia's largest audit firms and groups.
- Financial reporting under IFRS Accounting Standards (individual, consolidated, or combined):
- developing core components of accounting policies;
- designing conversion table formats for data input;
- data input into conversion tables;
- restatement of financial statements in accordance with IFRS Accounting Standards;
- preparation of financial statements and notes with comprehensive disclosures.
- Upon completion of financial reporting under IFRS Accounting Standards, the client receives:
- IFRS-compliant financial statements and supporting documents for the conversion from Russian accounting standards to IFRS Accounting Standards.
- Advisory on specific IFRS-related matters:
- receipt of client queries;
- preparation of detailed responses based on thorough research;
- presentation of solutions in clear, client-friendly formats.
- Upon completion of advisory on specific IFRS-related matters, the client receives:
- up-to-date reference materials and expert findings tailored to the client’s needs.
- Development of IFRS accounting policies:
- identification of accounting areas requiring policy alignment;
- design of accounting policies balancing client needs and compliance with the legislation in place;
- creation of detailed formats for financial statements and notes.
- Upon completion of the development of IFRS accounting policies, the client receives:
- tailored accounting policies reflecting, on the one hand, the client’s needs and, on the other hand, necessary accounting methods based on the industry and specifics of the client’s business.
