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Transformation of financial statements according to IFRS

Audit services according to IFRS of AuditComService LLCTransformation of the accounting (financial) statements in accordance with IFRS is the preparation of financial statements in accordance with International financial reporting standards and accounting compiled financial statements according to the requirements of the legislation of the Republic of Belarus.

Qualitative transformation of the accounting (financial) statements in accordance with IFRS is conducted by the professionals with rich practical experience of auditing in the National accounting standards and International financial reporting standards.

Based on accumulated professional experience, the process of preparing financial statements in accordance with International financial reporting standards (IFRS) is carried out in four stages:

1.  Planning

  • analysis of accounting policy and its application in accounting;
  • analysis of the accounting (financial) statements, turnover balance sheet;
  • the scheduling of collecting and providing information to relevant structural units and subsidiaries, associates and joint ventures (if they exist);
  • meetings with the management;
  • determination of the composition of the audit team.

2.  Analysis and evaluation of information

  • analysis and check with accounting data requested and provided information by relevant structural units and subsidiaries, affiliates and joint ventures (if they exist);
  • preparation of transformation tables, defining the necessary reclassification and valuation adjustments;
  • preliminary assessment of the impact of the adjustments on the summary financial statements in accordance with IFRS;
  • discussion with the management and employees of the company about intermediate and final results of the data collection.

3.  Transformation

  • preparation of work files for necessary adjustments by segment of international registration;
  • carrying out IFRS adjustments;
  • development of a transformation table, the final reconciliation of received and reclassified data.

4.  Reporting

  • final analysis of the transformation table with the purpose to determine the requested information (disclosures) to the financial statements in accordance with IFRS;
  • financial statements preparation according to IFRS;
  • discussing with the management and employees of the enterprise performance.

For companies applying IFRS for the first time according to IFRS (IFRS) 1 "First-time Adoption of International Financial Reporting Standards" the transition to international standards additionally includes the formation of:

  • accounting policies consistent with the requirements of all standards at the balance sheet date;
  • opening balance sheet under IFRS at the transition date;
  • comparative data for at least a year preceding the year the first IFRS financial statements;
  • first IFRS financial statements;
  • additional information explaining the impact of the transition to IFRS.

The starting point for accounting under IFRS should be the opening balance sheet under IFRS. It is made at the date of transition to IFRS. Date of transition to IFRSs is the beginning of the earliest period for which an organization has provided full comparative information in accordance with IFRS in the first financial statements.

Therefore, the first IFRS financial statements are prepared in the following order:

  • balance sheet (statement of financial position) are prepared for three years;
  • profit and loss statement, statement of changes in equity, statement of cash flows are drawn up over two years.

It should be noted that the balance sheet (statement of financial position) for the earliest period should obtain the index of retained earnings in accordance with IFRS that would require significant design adjustments.

The process of preparing financial statements according to IFRS is time-consuming and takes an average from 2 to 6 months.

Reporting transformation results in accordance with IFRS are issued in the form of a written report provided by the auditing company to the Customer.

The report is drawn up with the applicable rules of audit activities and methods developed by the company AuditComService LLC.

The report is a confidential document intended only for use by the executive body of the contracting authority.

Cost of auditing services (IFRS)

Audit of accounting (financial) statements according to IFRS from 3 000 Belarusian rubles
Transformation of the accounting (financial) statements in accordance with IFRS (first adoption) from 7 500 Belarusian rubles
Transformation of the accounting (financial) statements in accordance with IFRS (not first adoption) from 4 500 Belarusian rubles

 

Your advantages when ordering high-quality audit services in accordance with IFRS

  • experienced specialists and effective business processes (at the market of audit and audit-related services for over 15 years, according to the rating of audit organizations among top-8 organizations);
  • audit and audit-related services according to international standards (an independent member of the international audit network UC&CS America and association UC&CS Global);
  • use of own developed software Audit Documentation (IT Department) for the most effective and professional audit;
  • full insurance coverage (voluntary insurance of civil liability) in the amount of 1,000,000.00 (one million Belarussian rubles);
  • free professional consultancy support in hotline system (includes oral consultations and written consultations);
  • SPECIAL OFFER! - audit services discounts at providing transformation services of financial statements according to International financial reporting standards (IFRS).