Russia

International Financial Reporting Standards 

Growing number of companies in Russia and the CIS are adopting International Financial Reporting Standards (IFRS). The benefits of IFRS include enhanced comparability and improved transparency of financial reporting.

KPMG has a wide experience in supporting conversion to IFRS in companies of various economic sectors, including Oil and Gas, Banking and Insurance, Industrial and Telecommunication companies.

 

KPMG cooperates with the Ministry of Finance of the Russian Federation on development of new Russian accounting principles as a part of convergence project of Russian accounting principles with IFRS.

Contacts

Andrei Shvetsov

Andrei Shvetsov

Partner, CIS Head of Audit

+7 495 937 44 77

How we can help?

KPMG IFRS Services Group can assist your conversion to IFRS by providing the appropriate resources, knowledge and practical support in the following areas:

Accounting and Reporting

  • development of new IFRS accounting policies and procedures
  • gap analysis between information required and currently available
  • consideration of impact on statutory reporting and tax accounting.

Systems and processes

  • identification of changes required to source systems
  • understanding the impact on other strategic initiatives in your company (e.g. Rapid Close, Enterprise Resource Planning (ERP) and other system integration and upgrade initiatives)
  • understanding steps to support parallel reporting (i.e. Russian Accounting Principles, management reporting, IFRS).

Business

  • understanding the financial and business impacts of IFRS conversion
  • determination of possible actions to mitigate the volatility of results under IFRS.

People

  • informational support at all levels in the business
  • training and coaching support, including IFRS theory, practical implication of IFRS transformation and consolidation.

 

KPMG is helping companies adopt IFRS, providing practical support to smooth the transition.

IFRS issues in Russia

IFRS issues in Russia
KPMG's IFRS Portal provides information and resources on IFRS issues in Russia. (Russian language only. For English see KPMG's Global IFRS Institute).