By Loic Toullec, Triple i Consulting
With the stress and headaches that your accounting, bookkeeping, payroll and tax compliance are giving you, hiring a professional service firm to execute those tasks will take a substantial weight off of your mind. Here are some reasons why hiring a firm will benefit you and your company more than doing it yourself or dedicating full time employees to execute these:
By Dmitry Sklyarov, ADE Professional Solutions
The national transition to the IFRS programme started in Russia in 1998. It was initiated and driven by the National Council on the financial standards. The significant step towards the convergence and implementation of International Financial Reporting Standards (IFRS) in Russia was enforced in 2010 by Federal Law #208 concerning “consolidated financial statements”. The law obliges public companies and their sub-holdings to prepare consolidated financial statements in accordance with IFRS and disclose them publicly within 120 days of the reporting date with the audit opinion enclosed.
By Paul Levy, Lawrence Grant
A question that most companies find themselves asking is, is my annual audit adding value to my business? We understand perfectly that an audit of your business records can sometimes be time consuming, costly and inconvenient, but we look at it as an opportunity to conduct a review of your financial and management systems, identify any problem areas so that we can help transform your business' prospects for the future.
By Svetlana Krapiventseva, Delovoy Profil
As of this year, it will be obligatory for certain new types of Russian companies to use IFRS for annual financial reporting. This article aims to answer questions related to which companies should switch to IFRS when and according to which legislative acts and what measures can be taken to ensure the appropriate and efficient transformations, avoiding critical financial and time expenditures in preparing new financial statements.
On 30 November 2011 the European Commission accepted the proposals of the EU Internal Market Commissioner, Michel Barnier, regarding new rules for auditing. If the governments of the EU states and the European Parliament agree with the directive proposal, the market is set to change for auditors. Barnier justified his approach by stating that, since 2008, confidence in year-end audits has been shaken and that this confidence must be restored. He elaborated in detail regarding the objectives of the new directive: "Conflicts of interest will be rectified, independence strengthened and prudential supervision guaranteed; at the same time the directive will seek greater diversity within the market, which is too highly concentrated – particularly at the top."
On 6 September 2012 the government announced key changes to company and LLP audit and reporting requirements. The changes removed the need for many more companies and LLPs to have an audit and they apply to financial years ending on or after 1 October 2012.
By Kassim Harunani, Lawrence Grant
Changes and updates have been introduced to the UK GAAP which relate to the FRSSE (Financial Reporting Standards for Small Entities) and FRS’s (Financial Reporting Standards), by the FRC (Financial Reporting Council) in the form of FRS 100, FRS 101 and FRS 102. The revisions fundamentally reformed financial reporting. These 3 financial reporting standards will replace almost all extant standards.