If a company needs IFRS financial statements, it can outsource their development to a consulting company. However, if IFRS financial statements are required on a quarterly or monthly basis, it is more reasonable to prepare them within the company.
Our approach to IFRS reporting system implementation
FIN.by team implements a completely automated IFRS reporting system, which includes the following set of services:
- Determination of necessary adjustments to local financial statements taking into account the specifics of the client’s activities in order to get reliable IFRS financial statements.
- Development of adjustments calculation methodology and its agreement with the client.
- Consolidation perimeter determination, if necessary.
- Development of tools for automated adjustments calculation and transformation model in MS Excel as well as automatic tools for financial statements and disclosures preparation and data transfer into an MS Word document.
- IFRS corporate training for the client’s staff.
- Preparation of guidelines on the reporting system.
- Delivery of the developed tools to the client and their implementation.
- Support of the system after its final delivery to the client.
Our approach is based on the principle of minimization of working hours spent on reporting by means of maximal process automation, which allows for preparing statements even in the context of “fast close”.
Our tools allow for processing the most detailed data from local accounting (at the level of individual objects and transactions), which leads to high accuracy of the solution. The system allows preparation of both consolidated and stand-alone reports for each company of the company group.
Using MS Excel for reporting system development has a number of advantages over other software. MS Excel allows for:
- programming a unique calculation logic depending on the specifics of a client’s business activities and accounting system;
- changing this logic quickly, if necessary;
- finally, business logic in MS Excel is not a «black box», but is available to the user for review and analysis.