Implementation and transition to IFRS

Implementation and transition to IFRS

The submission of financial statements that meet the requirements of IFRS allows companies to expand the circle of potential investors and enter the international level. The companies that have decided to report in accordance with the principles of IFRS in practice face certain difficulties, the main of which are complexity and laboriousness. The lack of practical experience is the main reason for the difficulty in switching to IFRS reporting.

Implementation and transition to IFRS
From 1500$
  • Short deadlines;
  • Highly qualified specialists with knowledge of national accounting;
  • Training and distribution of functions among employees of the company;
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Before you start applying IFRS, you need to do significant preparatory work:

  1. To conduct an analysis of the company;
  2. Identify the sources of necessary information;
  3. Determine what kind of reporting is necessary to prepare (consolidated or individual);
  4. Define the basic principles of IFRS standards that the company must apply;
  5. Develop and approve accounting policies;
  6. Develop and approve the presentation of financial statements;
  7. Determine the method of financial statements preparation;
  8. Train company staff

A competent approach to the IFRS transition will allow the company to reduce the complexity and reduce the cost of reporting.

The staff of the company should be competent enough to carry out the company's transition to reporting in accordance with the requirements of IFRS.

In the Republic of Belarus, companies often face the problem of a lack of qualified employees in this area, which leads to significant costs for reporting and its unreliability.

The employees of our company will help to implement and transit to IFRS in the most painless way for an organization and at minimal cost.