The increasing relevance of this service is caused by the fact that our country declares and makes practical steps towards the integration of our companies into the international business environment. This process inevitably leads to the aspiration of Ukrainian companies to meet the requirements to business worldwide with regard to transparency, adequacy, unified accounting policy (including accounting and reporting).
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Since the International Financial Reporting Standards (IFRS) are such a unified measure of accuracy and transparency, providing of reports to international business partners and investors compiled according to understandable rules and standards significantly increases the chances of successfully establishing business relations.
Reporting, compiled according to international standards, has a number of significant differences from the reporting, compiled according to local standards. Accountants of Ukrainian companies, keeping accounting and preparing reporting in accordance with the local accounting standards, do not always have the necessary skills and experience in compiling reports according to the international standards. The simplest (by far not a solitary one) evidence of significant differences in the manner in which the financial statements are prepared in accordance with national standards and IFRS is the volume of statements. So, if the national financial reporting standards can consist of only 5-6 pages, the volume of financial statements prepared under IFRS, as a rule, starts from 30-40 pages, and can end up with 80-100 pages (or more) of text, digital material, analytical and other data. This is due to the fact that in reporting to international standards it is customary to provide users with detailed information about all significant accounting articles.
Therefore, if the company’s management or investors decide to compile IFRS statements, they can hardly hope for the help of their accountants and are forced to look for relevant “outside” experts.
In its turn, the IFRS consultant must have experience with such reports and a real professional. In addition, if these reports are presented at the international level, it is desirable to be certified by an auditor – member of a well-known international network of accounting and auditing companies. Our specialists meet all of the above mentioned requirements.
Very often the company management, having decided to draw up IFRS statements, initially makes a request to specialized audit and consulting companies with the request to compile these reports, or at least to inform about the cost of such work. At the same time, as a rule, the cost of preparation of such reports exceeds the expectations of the client, which often raises the question: “Can you teach our accountants to prepare such reporting?”, supposing that such training courses will be cheaper and more promising in the subsequent application of the acquired knowledge in future.
However, after the beginning of such specialized training, all parties understand that this process is quite long and not as cheap as it seemed at the initial stage. And very often as a result clients return to ordering the preparation of reports by a consultant with special experience and knowledge. In addition, in our company the IFRS reporting service also includes further support for the audit of this report by an independent auditor, such as: responding to auditors’ requests, amending of existing reports or justifying the reasons why such changes cannot be made, etc.