IFRS & US GAAP



It is no secret that a key role in efficient current and strategic decisions and new investments plays presence of complete information on an object, mainly reliable and efficient financial reporting data. Russian accounting standards still do not provide tools for reporting that meets requirements of international investors and stock markets.

So there is a necessity to elaborate reporting in accordance with the international standards (IFRS/GAAP).

Limited liability company “PM smart consulting” provides the following services for «IFRS and US GAAP»:

Our employees have a vast experience of insider work in accounting departments of companies in various economics fields from positions of accountant to chief accountant. More information on «Accounting, management, tax accounting and reporting» you can find following this link.

“Enjoy what You like, we will take care of the rest of Your business”.

With love to our job and every Client.

Reporting based on IFRS & US GAAP

International accounting and reporting standards do not include strict descriptions for procedures and methods of reporting. Recommendations of international standards are based on standardization of unified approaches to collection, processing, accounting and generalization of information on the basis of professional understanding of an accountant on importance and necessity of any piece of information.

Professional skills of an accountant are the main factor for execution of IFRS/GAAP reporting. It means that IFRS/GAAP reporting requires professionalism, skills and responsibility for elaboration of high quality and clear reporting. It is not enough to know the state legislation on accountancy. It is required to possess knowledge about international financial reporting standards and understand how it is used.

Such specialists are a part of the PMsmart team. Our team consists of professionals who speak English and German languages and are experts in accounting according to Russian standards and IFRS/GAAP standards. Our employees worked on accounting and reporting in the largest companies in the country with stocks listed on international stock markets.

PMsmart provides one of two reporting conversion methods to its Clients:

COVERSION METHOD (PARALLEL ACCOUNTING)  
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Represented by parallel (double) accounting of each operation in two accounting models in accordance with principles and regulations of Russian Accounting Standards (RAS) and IFRS/GAAP.

This method allows creation of a more detailed and efficient financial information in accordance with IFRS/GAAP on the constant basis на постоянной основе.

Implementation of this method required large expenses in the beginning for elaboration and introduction of special software, but afterwards expenses for conversion of reporting into international standards and receipt of high quality information are minimized. The elaborated software will help to get reliable accounting information on company activities, which in its turn increases efficiency of management decisions.

TRANSFORMATION METHOD  
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Represented by execution of reporting according to specific standards (IFRS/GAAP) by correction of the available information elaborated in accordance with RAS.

Contrary to conversion, transformation is executed periodically, not regularly.

Transformation provides less accurate financial information. However the expenses for transformation of reporting data into international standards is quite low.

The main task of PMsmart is to choose the most efficient option for you with consideration for the quality and labour costs. Efficient accounting in accordance with IFRS/GAAP standards allows you to monitor company development, research financial results factors, make important financial decisions.

Many Clients have already trusted PMsmart to do accounting and reporting for their companies.

Trust us too.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.



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