Russia

Details

  • Service: IFRS
  • Industry: Consumer Markets
  • Type: Press release
  • Date: 2/8/2013

The Application of IFRS: Food, drink and consumer goods companies 

KPMG comes out with a survey regarding the key accounting issues facing food, drink and consumer goods (FDCG) companies.

We hope that this publication serves as a useful resource for both existing users of IFRS and FDCG companies seeking to understand the potential impact of adopting IFRS.

 

Our survey discusses many of the key sector accounting issues and provides illustrations of how FDCG companies have sought to address them. We provide examples of sector-specific accounting disclosures, including in some cases detailed explanations of the business context in which accounting judgements have been made. For companies already applying IFRS, it gives some idea of the extent of consistency within the sector; for companies that haven’t yet adopted IFRS, it gives some idea of what your reporting future might be.

 

This survey covers 27 companies from 15 countries and includes over 100 disclosures made by selected companies to illustrate the accounting issues relevant for the sector.

 

George Pataraya, Partner, Head of Consumer Markets, KPMG in Russia and CIS, comments: “The level of competition the food, drink and consumer goods industry is comparatively high. The situation in general can be characterized as uncertain. Consumer preferences and behavior are in a constant state of flux owing to socio-economic, cultural and demographic shifts. The increasing cost of production, the development of new technologies, sustainability concerns, opportunities to select suppliers on a global scale and the changing requirements of legislation are the factors that require significant work from companies. The adoption of a new law on consolidated financial statements in Russia affects all the players in the industry – it is vital that all of them, whether they have already adopted IFRS or are only planning the transition, understand potential challenging issues ahead and how they can be resolved.”

The Application of IFRS: Food, drink and consumer goods companies

Feature image

KPMG comes out with a survey regarding the key accounting issues facing food, drink and consumer goods (FDCG) companies.

About KPMG in Russia and CIS

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries with more than 155,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

KPMG has been operating in Russia more than twenty years. For the last years KPMG in Russia and the CIS has been one of the fastest growing practices in KPMG worldwide.

 

In the CIS, KPMG now has offices in Moscow, St. Petersburg, Yekaterinburg, Kazan, Nizhny Novgorod, Novosibirsk, Rostov-on-Don, Krasnoyarsk, Perm, Almaty, Astana, Atyrau, Bishkek, Kiev, Lviv, Yerevan, Tbilisi and Baku, employing together over 4,000 people.

Media contacts

For any media enquiries or interview requests contact our media team at PR@kpmg.ru or Sabina Kasparova, Manager, PR & Communications, KPMG in Russia and the CIS, at +7 (495) 937 4477 (ext 14264), +7 (968) 6911037 or sabinakasparova@kpmg.ru.
 
Share