IFRS reporting automation

two women sitting on leather chairs in front of table

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.