Financial Reporting in Russia2018-08-14T15:32:14+00:00

Financial Reporting in Russia

For your company in Russia we prepare the financial reports according to all common international, national and individual financial reporting standards like IFRS, US-GAAP, HGB and Russian GAAP.

Our clients in “Financial Reporting in Russia” are primarily:

  • Controlling and financial departments of international enterprises
  • Controlling and financial departments of medium-sized German and international companies
  • Controlling, financial and management department of international subsidiaries or branches in Moscow and Russia
  • Controlling, financial and management department of Russian companies with a global business

Our aim:

we arrange the results of the Russian accounting in a way that they are understandable, transparent and comprehensible for our clients. We transfer the numbers and results of the Russian accounting so that international controlling, financial and management departments can work with them.

Why is a professional finance reporting in Russia so important?

Unlike Germany, Austria, Switzerland, Western Europe and the USA, Russian accounting refers primarily to the Russian tax law. Besides that, several documents have to be obtained before a booking order can be executed completely. The invoice as it self is not enough. In addition to the invoice the invoice “Faktura” and the handover certificate for goods and services is needed. Only if all these documents are collected, the booking order can be executed.

The consequence is, that transactions which have already been completed economically cannot be recorded as expenses until the required documents are presented in their entirety. This means that under Russian accounting standards, the financial position of the company can only be displayed with a strong bias. Therefore a transfer is necessary.

Due to the fact that the Russian accounting refers a lot to the Russian tax system, the accountants in Russia are educated in line with Russian tax laws. Therefore, it is rather difficult for a Russian accountant who has not gained special knowledge due to training and educational programs to create a financial report for international controlling, financial and management departments to work with.

Furthermore, you will find some more examples displaying the most important differences between the Russian accounting standards (RAS, Russian GAAP) and the international reporting standards (IFRS):

  • “Substance over form” vs. “Form over substance”;
  • IFRS and US-GAAP require a “fair price” for the most articles;
  • According to Russian GAAP, transactions are only valid if the required rules have been fulfilled and all necessary documents have been maintained;
  • Russian accounting prescriptions do not allow reserves and deductions;
  • According to Russian GAAP it is impossible to terminate a reporting period before its actual termination.

Further information can be found in our brochure “Accounting & Taxes in Russia” and at our Publications page as well.

Within our Service “Finance Reporting in Russia” we provide for our clients the following reports:

  • Writing of the financial reports (IFRS, US-GAAP), including balance sheet, profits and losses calculation, reports over changes of the capital stock, cashflow reports and all the explanations and attachments of those documents.
  • Providing of management reports according to IFRS or US-GAAP
  • Creation of individual financial reports considering your demands.

Our quality promise:

“Your contact person will be a senior accounting specialist who successfully gained the qualification “IFRS expert”, with a good command of English, who regularly participates in professional training, is permanently employed at Artax Rufil Consulting and is based at our office in the very center of Moscow. Don’t settle for less!”

Our clients of “Financial Reports in Russia” often ask us to perform the following services of our portfolio as well:

  • Tax Consultation in Russia
  • Accounting Outsourcing in Russia
  • Payroll Accounting in Russia
  • Internal Audit in Russia
  • Company Set-up in Russia

Highly qualified accountants, auditors, finance experts (IFRS, US-GAAP, HGB, Russian GAAP), tax consultants, experts and programmers for automation, accounting software and IT solutions as well as international management consultants work in our Moscow office. Our working languages are English, Russian, Chinese andGerman.

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