IFRS prescribe a company to develop its own accounting policies that will help to prepare relevant and reliable financial statements. Development of accounting policy in compliance with IFRS is one of the first steps that a company has to make on the way to its transition to IFRS. Well-designed accounting policies can become extremely useful for the employees of the companies, which prepare IFRS financial statements for the first time.
Our approach to IFRS-compliant accounting policies development
During IFRS-compliant accounting policies development FIN.by team analyzes the company’s activity, its business segments and interaction beetwen them, materiality of certain operations, accounting and other information systems capabilities and the company's development prospects in detail in the context of International Financial Reporting Standards. Besides, during accounting policies development we cooperate with the company’s management actively in order to develop sound judgments relevant to the company's activity.
What is the result of IFRS-compliant accounting policies development?
The result of the service is a set of documents that regulate and form the foundation of IFRS accounting system in the company:
- accounting policies - a set of accounting principles and rules compliant with IFRS;
- detailed accounting guidance - a detailed instruction for these principles and rules application when reporting in accordance with IFRS-compliant accounting policy.