The financial statements in accordance with IFRS standards are mandatory in more than 140 countries, and is also recommended in many other countries, such as South Korea, Brazil, India, Hong Kong, Australia, Malaysia, Pakistan, Russia, Chile, Philippines, South Africa, Singapore , Turkey and others.
In the Republic of Belarus, the financial statements in accordance with IFRS are mandatory for socially significant organizations. Such entities are required to prepare annual consolidated financial statements.
Consolidated financial statements in accordance with IFRS can be prepared by the organization on its own or with the involvement of an organization that provides accounting and reporting services, including an audit organization that provides professional accounting and reporting services.
The financial statements prepared in accordance with IFRS show the financial status and financial performance of the company.
The requirements for national accounting of the Republic of Belarus and IFRS standards vary significantly.
In this connection, one of the main methods for preparing financial statements in accordance with IFRS requirements is transformation. The transformation is the conversion of items in national financial statements to items in IFRS financial statements through additional adjustments.
The transformation of statements compiled in accordance with the requirements of the legislation of the Republic of Belarus into financial statements complying with the requirements of IFRS requires special knowledge and certain qualifications from the specialists who conduct it.
Our specialists have the necessary professional qualifications and experience to correctly prepare IFRS financial statements.
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