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 Ranking 'Doing Business-2012' from the World Bank and the International Financial Corporation (IFC)
The ranking on the ease of doing business, prepared by the World Bank and the International Financial Corporation (IFC), have been published. The Russian tax system data has been previously formed by the experts of ACG 'Interexpertiza' and provided to the World Bank for preparing the annual ranking. According to the study results Russia has been ranked 120th among 183 countries, raising its position from last year ...
The head of Department of International Reporting of ACG 'Interexpertiza' Anton Kalanov joined the International Audit & Accounting Committee of AGN International
The head of Department of International Reporting of ACG 'Interexpertiza' Anton Kalanov joined the International Audit & Accounting Committee of AGN International, which was established in 2011 ...
World Congress of AGN International-2011
Representatives of ACG 'Interexpertiza' have participated in the World Congress of the member companies of the International association of independent accounting and consulting firms 'AGN International' which was held on 18-20 September in Istanbul ...
IFRSs to be partially adopted in Russia in 2012
On 25 February 2011, the Russian government signed off an IFRS endorsement procedure (Russian / English). According to the procedure, IFRSs will be endorsed for use in Russia by the Ministry of Finance ...
AGN International is now on YouTube
As part of AGN's launch of its participation in Social Media, the IEO is pleased to announce that it has created a video which can be viewed on YouTube ...
The results of AGN tax surveys are published
The Tax Surveys on the AGN European website have been finalized and you can find the results (detailed surveys, summarized brochures and articles) on the website www.agn-europe.org ...
Seminar on IFRS held by AGN International in Prague
On September 30 a seminar on IFRS was held in Prague by the International Association of independent accounting and consulting firms AGN International, an active part in which was taken by Lyubov Romanova, the senior expert of the Department of International Reporting of ACG 'Interexpertiza' ...
New corporate video of AGN International (2011)
Our colleges from AGN International, а Worldwide Association of Separate and Independent Audit and Consulting Firms, published a new corporate video of the Association on YouTube. The representative of ACG 'Interexpertiza' participated actively in the creation of this video ...
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IFRS services
International Financial Reporting Standards (standards IFRS / IAS and interpretations IFRIC / SIC, developed by the IASC and IASB) have nowadays received worldwide recognition. More than a hundred countries, including all European Union countries, permit or require reporting under IFRS. IASB and FASB pursue a policy of convergence with IFRS and U.S. Financial Accounting Standards (US GAAP). The total market capitalization of markets, where IFRS are permitted or required, is according to the IOSCO more than 30% of world market capitalization. More than 40% of five hundred largest companies in the world (Fortune 500) are reporting under IFRS. Since 2008 IFRS financial statements of foreign companies are allowed on U.S. exchanges without requiring disclosure of differences from US GAAP. The possibility of allowance the American companies to use IFRS instead of the US GAAP is being broadly discussed.
Russian companies are usually interested in IFRS due to the following reasons:
- opportunity to attract long-term loans for company development;
- assistance in international business, availability of financial reporting to the majority of potential users;
- improvement of a company image;
- increase in confidence of financial information presented (upon condition of audit);
- providing users of financial reporting with high-quality information for investment decision-making.
IFRS in Russia. Many large Russian companies have been already reporting in compliance with international standards (US GAAP and/or IFRS). As it is reported by the leading rating agency "Expert RA", the number of such companies is growing annually by 15-20%, while since the year 2008 their share in revenue exceeded 67% of the total revenues of the 400 largest corporations in Russia. The transition to IFRS becomes inevitable for the majority of Russian companies. This process is caused not so much by political but by economic, objective factors. Many large Russian companies have been already reporting in compliance with international standards (US GAAP and IFRS). In accordance with the rating agency "Expert RA", the number of such companies is growing annually by 15-20%, while since the year 2008 their share of revenue is more than 67% of the total revenues of the 400 largest corporations in Russia.
Our department. Department of International Reporting of ACG "Interekspertiza" was founded more than 6 years ago and services in the area of the international financial reporting standards are our main activity during the entire time.
The Department oversees both projects directly in IFRS, and joint projects: audit of financial statements under IFRS and RAS, auditing, accounting standards and consolidation package for the parent company, audit accounting standards and IFRS reporting, reporting under IFRS in the framework of projects in DDR, the convergence of accounting policy on the RAS and IAS, etc.
Our services in the sphere of IFRS:
* Audit of financial statements according to IFRS
* Transformation from RAS to IFRS
* Implementation of accounting under IFRS
* IFRS for SMEs
* Appraisal for IFRS
* Advisory on IFRS
- Estimation of feasibility of switching to IFRS
- Advice for tenders for the involvement of auditors on IFRS
- Training the client's staff for transformation
- Fast-close statements
- Advice on IFRS-based monitoring of changes in standards
- The search for alternative approaches within counseling RAS
- Convergence of accounting policies to IFRS and RAS
- Justification for the economic feasibility of the costs of IFRS
Our team. Professional skills are of the most significant importance when providing services. For our clients to receive only the services of high quality we invest in personnel development and training in IFRS sphere on a permanent basis, provide information support for professional activities. As the nature of IFRS services requires the majority of employees in our department are fluent in English. We successfully create conditions of work that allow us to keep and develop all the key employees of the International Reporting Department over the years. Moreover the best legal experts and consultants as well as auditors of ACG "Interexpertiza" provide professional support to our IFRS team.
Our experience. Our customers of IFRS services are Russian and foreign entities in various industries, having numerous subsidiaries in many regions of Russia.
Financial statements prepared by us in both English and Russian languages were used in strategic decisions of potential investors, for introducing to foreign shareholders, for obtaining loans from EBRD. Among our IFRS projects are cooperation with Russia's TOP-300 companies. These projects also included support until issue of an auditor's report by auditors of the "Big Four".
Audit of international reporting is always conducted by us in collaboration with parent companies of Russian subsidiaries and/or their auditors: PwC, KPMG, Deloitte, Ernst & Young, GT, BDO, and members of AGN International in the countries such as Germany, Austria, Cyprus, Switzerland, UK, Belgium, Slovenia, Netherlands, USA, Sweden etc.
Anton Kalanov, Head of International Reporting Department would be happy to provide you with additional information about IFRSs and our company.kalanov@interexpertiza.ru
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