Preparation and consolidation of financial statements under IFRS
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What is IFRS reporting for?
So that business in any country of the world can be objectively evaluated (compared). This is possible due to the fact that in international financial statements rules apply regarding the depreciation of fixed assets or the allocation of expenses to a specific period. It is important that only general approaches are regulated. National accounting standards of any country so far more detailed.
Who can benefit from the preparation of IFRS reporting?:
- For those who are looking for foreign investors. IFRS Financial Statements — are powerful evidence that the business is working transparently. Foreign investors for the most part understand financial statements compiled according to international rather than national standards.
- For owners of vertically integrated enterprises. In such situation, IFRS is excellent for bringing huge amounts of accounting information to a common denominator.
- For those who care about the reputation of the business. Often, the preparation of financial statements under IFRS is beneficial to those entrepreneurs who think strategically. If today we are to do reporting on international standards, then in 10 years it will be a good proof of business integrity.
Note that in Ukraine it is not the first year of accounting harmonization. That is, national standards as close as possible to international.
«Bentams audit» LLC provides services for the preparation of IFRS reporting, which includes:
- development of accounting policies according to IFRS;
- development of a transformational model;
- collect information needed to calculate transformational adjustments;
- regrouping and reclassification of reporting items under T(S) of accounting to financial statements under IFRS;
- preparation of the initial balance sheet according to IFRS;
- preparation of IFRS balance sheets at the beginning of the first reporting period;
- preparation of financial statements under IFRS at the reporting date.
