IFRS services
IFRS services are an important area of focus for companies seeking a high level of transparency and compliance with global accounting and financial standards.
Our IFRS experts provide comprehensive support in implementing, adapting and complying with these international standards.
IFRS is a universally recognized standard, so reporting in accordance with it inspires more confidence. This can lead to attracting new investments and loans with more favorable terms.
IFRS allows for the harmonization of accounting policies and methods of valuation of assets and liabilities, which makes it easier to compare the financial performance of different companies. This is useful for both investors and company management.
Our IFRS services are aimed at providing clients not only with compliance with international standards, but also at building strong financial foundations for long-term success.
We strive to ensure that our clients can effectively utilize the benefits of IFRS standards to improve their corporate transparency and attractiveness to investors.
We offer the following types of services in IFRS:
At present, due to the increasing spread of IFRS in Uzbekistan, some companies prefer to prepare reporting under international standards in-house. However, many issues often arise in the process of its preparation.
The reasons for difficult situations may include:
- Controversial nature of some IFRS standards;
- Lack of specific guidance in IFRS standards for a particular situation;
- Costs of translation and interpretation of concepts;
- Lack of experience or knowledge of the company's specialists;
- Shortage of professional publications in Uzbekistan.
Timely consulting provided by competent professionals will help to avoid many mistakes in the preparation of IFRS reporting, improve the quality of such reporting and its informativeness.
Our experts provide advice on IFRS in the following areas:
- Clarification of complex and ambiguous aspects of IFRS standards;
- Finding IFRS solutions in specific situations;
- Methodological support: preparation of IFRS accounting policies, chart of accounts, development of reporting forms and explanations;
- Development of transformation and consolidation models of IFRS reporting from NAS data;
- Preparation for audit of financial statements prepared in accordance with IFRS;
- Development of an approach to practical implementation of calculations for IFRS;
- Professional valuation and independent inventory for IFRS purposes;
- Setting up business processes for IFRS reporting;
- Conducting training programs for the Company's employees focused on practical application of IFRS based on industry specifics;
- Any other forms of consulting services.
Consulting is provided by highly qualified specialists. Timely and high-quality consulting will help minimize the risk of unreliable reporting. It is especially important to have professional support when companies apply IFRS for the first time.
Our specialists constantly monitor all changes in IFRS, new approaches and methodologies, continuously analyze information, have relevant experience in applying IFRS in practical situations.
Transition to IFRS is a lengthy and labor-intensive process. The staff of our Company has many years of experience in working with companies in the area of transition to preparation of financial statements in accordance with IFRS in Uzbekistan and abroad.
For certain categories of companies in Uzbekistan transition to IFRS is a mandatory requirement of the legislation, but in addition, it gives the management an opportunity to get a real picture of the state of the business, improve management accounting, as well as expand access to financial markets. Our staff will help you choose the best approach to a smooth and painless transition to the new standards.
Our IFRS services include:
- diagnostics of the company's readiness for transition to IFRS;
- Transformation of financial statements from NAS to IFRS;
- management of the IFRS transition process;
- preparation of IFRS financial statements
- training in independent preparation of financial statements in accordance with IFRS requirements;
- assisting in the formation of the IFRS function;
- analyzing contracts for potential impact on IFRS reporting;
- other related services.
For companies reporting under IFRS for the first time or wishing to reduce the cost of preparing such reporting, we offer a full range of services: from spot consultations to full IFRS reporting preparation.
We offer the following services:
- Spot consultations on preparation of IFRS financial statements and transformation of NBU reporting into IFRS reporting;
- Assistance in preparation of IFRS financial statements and transformation of IAS financial statements into IFRS financial statements;
- Development of methodological base for the first application of IFRS (accounting principles, transformation and consolidation methodologies, other regulatory documents);
- Development of regulatory documentation on IFRS reporting preparation;
- Development of models for transformation and consolidation of IAS reporting into IFRS reporting;
- Turnkey IFRS reporting services;
- Assistance (support) when another external auditor audits your financial statements;
- Training of your employees in preparation of IFRS reporting under an individual program.
The implementation of IFRS is a complex process that requires a significant investment of time and resources. However, the benefits of using IFRS justify these costs.
In Uzbekistan, the implementation of IFRS is mandatory for many large companies:
- joint stock companies;
- commercial banks;
- insurance organizations;
- legal entities categorized as large taxpayers;
- other certain companies.
The introduction of IFRS is an important step for business development in Uzbekistan. The use of IFRS will allow companies to increase their transparency, competitiveness and improve their management system.
IFRS implementation services include:
- analyzing the existing system of primary information collection; - diagnosing the company's readiness for transition to IFRS;
- selection of the optimal option of IFRS accounting organization;
- development of accounting policies
- development of a transformation model;
- assessment of the company's corporate structure
- transformation of financial statements from NAS to IFRS;
- preparation of separate or consolidated IFRS financial statements;
- consulting and training of personnel on preparation of financial statements in accordance with IFRS requirements;
- other services.
We offer full support in implementing IFRS in the company and preparing financial statements in accordance with IFRS.
Accounting under International Financial Reporting Standards (IFRS) is a key aspect of financial management for companies seeking to ensure transparency and comparability of their financial statements in the global marketplace.
Our accounting professionals help clients better understand the complex nature of accounting requirements. Our goal is to help clients make the right accounting decisions based on financial reporting standards, current market conditions and regulatory compliance obligations.
We provide accounting consulting services in the following areas:
- Maintaining accounting records in accordance with IFRS and accounting and reporting principles adopted in other countries;
- Development of accounting methodology and procedures;
- Consulting services aimed at familiarization with new and current financial reporting standards.
- Assistance on accounting issues in the framework of upcoming pre-investment studies and tax audits.
- Customized training for financial or accounting managers.
We are ready to provide IFRS transition services, while taking all measures to minimize the difficulties and costs of such transition.
IFRS accounting automation allows you to optimize accounting processes, improve their accuracy and efficiency, and reduce the labor costs of accountants.
We offer a comprehensive solution for IFRS accounting automation based on 1C, SAP and other ERP systems with flexible customization for your company's specifics. We will help you to increase accuracy and transparency of financial operations, automate routine and adapt to changes in legislation in a timely manner
Automated IFRS accounting capabilities
- Receive separate or consolidated IFRS financial statements;
- Parallel accounting in accordance with IFRS;
- Routine operations and manual adjustments;
- Flexible customization of mapping of accounts and transformation of IAS entries to IFRS;
- other features.
Benefits of automation:
- Reduced labor costs: automating routine operations such as data entry, calculations and reporting allows accountants to focus on more complex tasks;
- Increased accuracy: automated systems eliminate human error, resulting in fewer accounting errors;
- Reduced reporting time: automated systems make it quick and easy to generate IFRS reporting.
- Increased transparency: automated systems provide real-time access to information, resulting in increased accounting transparency.
- Reduce risks: automated systems help to reduce the risks associated with non-compliance with IFRS.
In recent years, Uzbekistan has been actively pursuing reforms aimed at improving the investment climate and increasing the competitiveness of the economy. One of the important areas of these reforms is the transition of many companies to financial reporting in accordance with International Financial Reporting Standards (IFRS).
Investors of foreign companies increasingly want to see IFRS-compliant financial statements. A company working in accordance with IFRS, first of all, shows the investor its transparency and readiness to attract investments.
We are ready to provide you with services on transformation of reporting from NAS to IFRS.
We have performed many IFRS reporting transformations for our clients - both large enterprises and large taxpayers, for whom IFRS reporting is mandatory, and companies where investors are the customers of such services.
The process of reporting transformation is labor-intensive, requiring the restatement of financial statements, as well as the preparation of new reporting forms that reflect reliable information. As a consequence, the transition from one type of reporting to another raises a large number of questions that can often be answered only by a qualified specialist.
Many business owners own a group of organizations that are related to each other in various ways. The owners are interested in, and in certain cases are required to prepare consolidated or combined accounts for the group.
Our specialists are ready to assist in the preparation of consolidated or combined IFRS accounts.
The key to proper consolidation is a systematic approach and a properly structured sequence of actions.
Consolidation of IFRS statements includes transformation of each individual company's statements, as well as additional procedures:
- bringing different accounting systems to a single accounting policy;
- elimination of intra-group turnovers;
- determination of the net value of investments in subsidiaries and associates;
- valuation of goodwill and calculation of minority interests;
- preparation of financial statements and notes thereto.
The result of IFRS consolidation is consolidated financial statements in accordance with IFRS.
We are ready to provide professional assistance on all IFRS application issues, as well as assistance in preparing consolidated or combined IFRS statements
Audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) is an audit service of an independent assessment of the audited entity's financial statements prepared in accordance with IFRS for the purpose of expressing an audit opinion on their reliability.
IFRS (IAS and IFRS) is a set of international standards formulated in the form of conceptual principles of financial reporting. These standards have become the ideological basis for accounting and auditing in the most developed countries of the world.
We audit financial statements prepared in accordance with IFRS in cases where the transformation of IFRS statements was performed by the client himself or by another audit firm.
The purposes of IFRS reporting may be different:
- obligation in accordance with the legal requirement;
- attraction of investments and loans;
- making investment decisions;
- internal purposes.
For certain companies in Uzbekistan there is an obligation to prepare IFRS reporting in accordance with the Decree of the President of the Republic of Uzbekistan No. PP-4611 dated 24.02.2020. “On Additional Measures on Transition to International Financial Reporting Standards”:
- joint stock companies;
- commercial banks;
- insurance organizations;
- legal entities classified as large taxpayers.
We provide services for the development of guidance documents, instructions and accounting policies in accordance with IFRS. We also advise on complex IFRS accounting and reporting issues.
We can assist you in developing an accounting policy structure and preparing detailed methodologies (regulations) for various areas of IFRS accounting. As a result, you will be able to improve the efficiency of your accounting and reporting processes, receive advice on complex accounting issues and improve the quality of your financial reporting.
IFRS requirements are not always easy to understand and interpret. The practical issues of accounting for complex transactions and assessing their impact on the financial statements require detailed analysis and the application of professional judgment.
Our team offers professional assistance in resolving complex methodological issues in the application of IFRS. We are ready to provide practical guidance on how to properly account for and report complex transactions.
We provide professional IFRS accounting advice to businesses in a variety of industries. Our experienced and qualified staff is ready to help you understand the complexities of accounting, providing customized solutions for your specific needs.
Information support on accounting in accordance with IFRS is an opportunity to avoid a large number of problematic and controversial situations and prevent penalties from inspection authorities.
Our staff includes certified specialists who regularly upgrade their qualifications and monitor changes and amendments to IFRS standards.
Consulting services from our company will allow you to keep accounting records of your company in accordance with all established IFRS norms.
At present, due to the increasing spread of IFRS in Uzbekistan, some companies prefer to prepare reporting under international standards in-house. However, many issues often arise in the process of its preparation.
The reasons for difficult situations may include:
- Controversial nature of some IFRS standards;
- Lack of specific guidance in IFRS standards for a particular situation;
- Costs of translation and interpretation of concepts;
- Lack of experience or knowledge of the company's specialists;
- Shortage of professional publications in Uzbekistan.
Timely consulting provided by competent professionals will help to avoid many mistakes in the preparation of IFRS reporting, improve the quality of such reporting and its informativeness.
In addition, such a service as IFRS consulting can help you rationally assess the level of qualification and competence of your own employees.
Methodological support in the area of accounting and reporting is provided by a team of IFRS experts with practical experience in both auditing and accounting. This allows us to provide services that are as close to the requirements of the standards as possible, while still being applicable in practice. An additional positive effect is that our specialists work in constant contact with experts responsible for automation. If necessary, this will allow you to shape your processes adapted to automation in the future.
Automating financial reporting processes is a complex task, especially for holding companies with different accounting systems. Our team helps to solve various tasks on accounting automation, provides methodological support and interaction with integrators on IFRS accounting automation.
Our systematic approach and many years of experience allow us to offer solutions to complex accounting issues and increase the efficiency of the accounting function of the company.
Automation of the financial reporting process allows companies to solve such important tasks as reducing the time required to prepare financial statements, saving time of IFRS employees, minimizing errors and many others. We can help you select and implement various tools for automating the IFRS financial reporting process that will best meet your expectations in terms of functionality and convenience, and make the financial reporting process faster and more efficient.
Many companies in Uzbekistan are currently transitioning to IFRS or will do so in the coming years. The financial statements of large companies are likely to be audited by an international audit organization, such as the Big Four companies. The transition to IFRS and the first audit of such statements is often time-consuming and labor-intensive for companies. We help to optimize the process of interaction between the company and the auditors. We also help to defend the financial statements before external auditors, if we were involved in the preparation of these statements.
Our services include:
- Assistance in handling external auditors' requests;
- Detailed review and discussion of adjustments proposed by the external auditors;
- Discussing internal control deficiencies identified by the external auditors and assisting in shaping management's responses;
- Review of draft financial statements and discussion with management.
We conduct corporate trainings and seminars on IFRS application. During such events we help your team to understand the principles underlying the standards, as well as the practical implications of the transition to IFRS for your company. We are ready to develop an individual training program for your team, which will include both a theoretical part for understanding IFRS principles and a practical part on the transition process.
We will help you to choose a suitable course and training format in both open and corporate formats. Open-format trainings are held on a pre-announced schedule and are designed for a wide range of trainees. Corporate trainings can be conducted according to an individual program, developed taking into account the specifics of the business on dates and times convenient for you.
Our trainings are a platform for acquiring new knowledge and skills, as well as an opportunity to expand your professional contacts, exchange experience and discuss topical issues with colleagues. Our trainers are IFRS practitioners involved in major projects. During the trainings, our trainers share their expert opinion with the trainees, answer additional questions on the training topic and support further discussion of the trainees' questions that arose after the trainings on an individual basis.