Professional Financial Reporting in Russia

For your company in Russia we make 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 “Tax Accountancy 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 professional finance reporting in Russia that 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 Download 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 RUFIL CONSULTING and based at our office in the very center of Moscow. Don’t settle for less!”

Our clients of Tax Accountancy in Russia often ask us to perform the following services of our portfolio as well

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 and German.

Important information about accountancy and taxes in Russia (free download)

RUFIL CONSULTING publication

RUFIL CONSULTING publication

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Who are we?

We are a German medium-sized and owner managed consulting company in Moscow. With about 20 employees – most of us are accountants, financial experts and tax consultants – we support German, Austrian, Swiss and other international companies in their business in Russia. How we work and what are our principles you will find out at: about us.

Successful business in Russia means action.

Here is our “call to action”

Get in contact with us by sending us an email or calling us. Besides that we would be happy to organize a video conference for you or welcome you in our office in the center of Moscow. This is the best way to get to know each other and discuss every upcoming questions. We are very looking forward to meeting you!

Get in contact with us!

Get in contact with us!

Our employees are looking forward to hear from you and will help you with your request.

RC Team - Experst on Accounting, Management, Tax and Real Estate Investment Consulting

Please point your requests to Mr. Philipp Rowe / General Director, Moscow.

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