International Financial Reporting System

International Financial Reporting Standards are an efficient tool for enhancement of transparency and  understability of the information reflecting the companies’ activities, creates a reliable basis for  recognition of incomes and expenses, evaluation of assets and liabilities, giving the possibility to disclose  objectively the existing financial risks  taking place in the reporting companies, as well as to compare  the results of their activities  with the purpose to ensure an adequate evaluation of  their potential and making  respective  managerial decisions.

International Financial Reporting Standards (IFRS) are the accounting standards and interpretations  made public by the  International Financial Reporting Standards Council. The  International Financial Reporting Standards Council (IFRSC) is an independent authority  established with the purpose of  development of the unified system of international accounting standards for their world-wide application.

Nexia-DK. Auditors and Consultants develops the methods for preparing financial statements according to  international accounting standards, particularly:

  • accounting policy plan;
  • chart of accounts according to IFRS;
  • procedure for  ensuring compliance of the chart of accounts with national and international standards;
  • description of accounting of separate business transactions;
  • procedure for preparing the financial statements.

Besides, we create the technology of consolidation of financial statements  in compliance with the International Accounting Standards  with the possibility of their further use  in software «1С. Consolidation».

The results of the implemented project will be as follows:

  • a worked out procedure for preparing financial statements under IFRS;
  • a worked out  procedure for  consolidating financial statements under IFRS;
  • technical specifications  for automation of  accounting and preparation of reporting.

Also we assist our clients in studying IFRS, specifically we:

  • provide information about educational materials on IFRS;
  • recommend  attending topical seminars;
  • organize seminars with the educational purpose;
  • inform of the news and alterations in IFRS;
  • provide explanations and consultations on IFRS –related issues.

Newsletter IFRS (Nexia International)

Network Nexia International publishes its comments on the amendments to IFRS in the newsletter on a permanent basis:

   pdf_small   In January 2010 edition there are comments on peculiarities of IFRS in USA and amendments to IFRS for SMEs.

   pdf_small   In July 2009 edition there are comments on amendments of such standards as IFRS 7 «Financial Instruments: Disclosures», IFRS 8 «Operating Segments», IAS 1 «Presentation of Financial Statements», and IAS 23 «Borrowing Costs».

   pdf_small   In June 2009 edition there are comments on amendments to IFRS 3 “Business Combinations” with 3 practical approaches.