Transformation of the Russian reports into IFRS
Our steps
Report on the financial state of the company is prepared.
During the formation of report on financial state the corrections stipulated by IFRS 1 were made:
- all assets and liabilities subject to acknowledgement in accordance with IFRS are acknowledged;
- all assets and liabilities not subject to acknowledgement in accordance with IFRS are excluded;
- all asset, liabilities and capital items are reclassified in the report on financial state in accordance with IFRS;
- re-evaluation of all assets and liabilities in accordance with IFRS is performed;
- report on the joint income basing on the information from the P&L statement with conducting of all necessary corrections in accordance with the IFRS demands (IAS) 18 “Revenue”, and also with consideration of demands of the other standards;
- report on capital changes is prepared;
- cashflow report in accordance with the IFRS provisions (IAS) 7 “The cashflow report” is prepared;
- clarifications and disclosure to the reports in accordance with the IFRS demands are prepared.
Outcome
The reports corresponding to the IFRS demands are prepared.
