Accounting policies are a key element, which ensures management reports comparability thus allowing for sound decision making based on the reporting data.
Our approach to management accounting policies
During management 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.
Accounting policies are a liaison between reality and accounting. It is very important for users of financial statements to understand and know these accounting policies.
Find the balance. On the one hand, we take into consideration the vision of the company's owners and management. On the other hand, we intend to bring management accounting policies in line with the best practices and principles which IFRS accounting policies are based on.
Working in two dimensions. We cooperate with client in two directions simultaneously:
- Methodology. In this dimension we lay down principles and rules of how transactions or events in the company’s activity should be reflected in its management reports.
- Specification. In this dimension we determine structure and specification of management reports.
What is the result of management accounting policies development?
The result of the service is a set of documents that regulate and form the foundation of management accounting system in the company:
- accounting policies - a set of management accounting principles and rules;
- detailed accounting guidance - a detailed instruction for these principles and rules application when reporting in accordance with management accounting policies.