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Corporate reporting

Restatement, consolidation and IFRS Financial Statements preparation

Nowadays requirements of Federal Law 208-ФЗ are obligatory only for Finance sector, specifically for credit and insurance companies, non-state pension funds, listed companies  and some limited list of companies. However, the necessity of IFRS Financial Statements preparation becomes more and more important also for others types of companies in Industry sector. Investors and credit organizations requirements to transparency and credibility of financial information simultaneously with ongoing convergence between local GAAP and IFRS led to an increasing demand in respect of restatement from RAS into IFRS and IFRS Financial statement preparation.

Restatement of accounting data from RAS to IFRS consists of several stages:

  1. IFRS accounting policy development in accordance with each specific industry and company features;
  2. Development of a IFRS chart of accounts and its mapping with local сhart of accounts;
  3. Identification and calculation of IFRS adjustments;
  4. Restatement from RAS into IFRS itself in respect of each Balance Sheet and Income Statement line.

Consolidation and IFRS Financial Statements preparation include the following procedures:

  • Establishing of the consolidation perimeter, i.e. the list of the Group companies;
  • Reconciliation between Group companies and elimination of Intercompany balances and turnovers, as well as unrealized profit;
  • Assessment of the fair value of investments in subsidiaries and associated companies;
  • Goodwill and minority interests calculation ;
  • Notes and disclosures preparation.

The main advantages of IFRS Financial Statements preparation by Marillion specialists are:

  • Large methodological base as a result of great practical experience in IFRS standalone and consolidated Financial Statements preparation for the companies operating in various industries, including manufacturing, wholesale and retail trade, service rendering, construction, research and development and others;
  • Acquaintance with the best practice in restatement and consolidation procedures following the results of audits carried out in Russian companies and foreign companies;
  • Highly qualified employees with diplomas under the IFRS (DipIFR) and complete ACCA (Association of Chartered Certified Accountants) qualification.

Marillion also provides services in:

  • Preparation of IFRS accounting policies , taking into account the industry, size and individual specific of the company’s activities;
  • Development of methodology for the transformation “from scratch”;
  • Further training of the company’s employees in respect of restatement from RAS into  IFRS/US GAAP/French GAAP, consolidation and preparation of IFRS Financial Statements including methodological support and assistance.