IFRS reporting automation
When doing business in Russia international companies face a problem of parallel keeping of accounting under the Russian accounting standards (RAS) and International Financial Reporting Standards (IFRS) in two different accounting systems.
As a rule, transformation of accounting and 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 time-consuming
risk of errors
lack of transparency
inability to receive initial data for analysis
A.J.CONSULTING team may help to implement a transparent and automated system for IFRS accounting and reporting, where RAS accounting will automatically be transformed into IFRS accounting.
For more information and a tailor-made offer contact us.