Services
IFRS reporting
We lead the preparation of audit-ready IFRS financial statements: accounting policies, group consolidation and audit support. The result is a set of statements the auditor accepts.
- 4–10 weeks
- typically, for the first cycle
- Budget as a ceiling
- you pay for actual work
- Free
- first meeting
Who needs IFRS services
- Groups with entities in several countries that need one set of statements banks and partners everywhere can read.
- Companies ahead of an IFRS audit, first or recurring.
- Companies ahead of a transaction, when an investor or buyer asks for statements under international standards.
- Companies whose lender requires IFRS under a loan covenant.
What we do
IFRS financial statements
We lead the preparation of the full set: primary statements, notes and disclosures, ready for audit.
Group consolidation
Uniform accounting principles, elimination of intra-group transactions, entities in different jurisdictions and currencies.
Accounting policies
Tailored to the group’s operations and the auditor’s requirements.
Audit support
The document pack and answers to the auditor’s queries.
Conversion from local GAAP
Adjustments from national standards, including Russian accounting standards, to IFRS.
An IFRS adviser on the owner’s side
The auditor checks the statements but does not prepare them: independence rules forbid it. The accounting team knows local standards but not always IFRS. Between the two lies work for which nobody answers to the owner.
We take it on: we brief the accounting team and contractors, coordinate the auditor, keep to the timetable and explain to the owner what the numbers mean. Our background is IFRS and US GAAP audit at PwC and KPMG and the role of CFO of an international group.
Stages and timeline
- DiagnosticWe study the accounting, the group structure and the reporting requirements.
- Accounting policiesWe fix the accounting principles and agree contentious issues with the auditor in advance.
- StatementsConversion or consolidation, primary statements and notes.
- AuditWe hand the document pack to the auditor and support the audit.
The first cycle typically takes 4–10 weeks. Later periods go faster: the policies, the conversion model and the working files are already in place.
Terms
The advance for scoping is credited against the fee. The budget is based on estimated effort and agreed before we start as a ceiling: if the work takes less, you pay for actual time.
The work can be done remotely for clients worldwide; we meet in person in Yekaterinburg and Dubai.
Example
A group with companies in three countries is raising a loan. The bank requires consolidated IFRS statements with an audit opinion in four months. The group needs accounting policies, a consolidation across three jurisdictions and an auditor who can deliver on time.
A typical situation, shown for illustration.Questions and answers
Do you prepare the statements yourselves or supervise their preparation?
It depends on the task. In smaller groups we prepare them ourselves; in larger ones we lead the work of the accounting team and contractors. In both cases we are responsible for the result: statements the auditor accepts.
Do you carry out the audit?
No. The audit is performed by an independent audit firm. We prepare the company for it, help select the auditor and support the process.
Related services
Let’s discuss your project
The first meeting is free. We discuss the task, the situation and your expectations; then you receive a proposal with scope, timeline and budget.