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Development of IFRS and US GAAP reporting systems
Goals and objectives
- Enter global capital markets for fundraising
- Provide investors with financial information
- Ensure the financial transparency of operating results
- Support decision-making and control processes
- IFRS first-time adoption or transition from US GAAP to IFRS
What we do
Our services include designing integrated solutions for developing methodological framework for IFRS and US GAAP reporting, implementing information systems, and providing staff training.
Our experience and approach
- Deloitte CIS consultants offer their extensive experience and professional skills in creating methodological framework for IFRS reporting both from scratch and from the basis of the company’s existing processes and methodologies.
- For increased transparency, accuracy and controllability of IFRS and US GAAP reporting processes, we provide recommendations with respect to aligning RAS and IFRS (US GAAP) accounting principles and setting up accounting and reporting functions.
- We posess skills and experience in implementing information systems for IFRS and US GAAP reporting, as well as quality control and methodological support for implementation projects. Our specialists have essential experience in implementing SAP- and Oracle-based software products, including e-Business Suite, Hyperion, JD Edwards and other applications.
- We actively involve our clients’ employees in the projects and offer training programs so that project deliverables are implemented more effectively.
How your business will benefit
A project for developing an IFRS and US GAAP reporting methodological framework and implementing software solutions will produce the following results:
- Accounting policy in accordance with IFRS or US GAAP;
- IFRS or US GAAP chart of accounts and a conversion table for RAS chart of accounts;
- Transaction ledger and relevant IFRS or US GAAP accounting principles for each transaction;
- IFRS or US GAAP reporting methodology (transformation and consolidation);
- Rules and procedures for the IFRS or US GAAP accounting and reporting process;
- Album of standard IFRS or US GAAP reporting forms and form completion rules;
- Software implemented to support IFRS or US GAAP reporting processes;
- Skills and knowledge for the client’s employees, enabling the client to prepare IFRS or US GAAP financial statements independently.
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