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While doing business in Russia international companies face a challenge of parallel keeping of accounting under the Russian accounting standards (RAS) und accounting under International Financial Reporting Standards (IFRS) in two different accounting systems.

 

The transformation of reporting from RAS into IFRS is organized in the following way:

  • RAS accounting is kept in the Russian accounting system

  • data from the Russian accounting system are put into Excel and handled manually

  • data from Excel are put into the accounting system of the headquarters

 

Such transformation has the following disadvantages:

  • double data entry which is labour intensive

  • risk of human errors

  • lack of transparency

  • inability to receive initial data for analysis

 

A.J.CONSULTING team may help to design and implement a transparent and automated system for IFRS and corporate reporting, where RAS accounting will automatically be transformed into IFRS. Thus, labor contribution will be reduced, risk of human errors will be eliminated, transparency of accounting will be raised.

For more information and a tailor-made offer contact us.

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