Financial Reporting in Russia
For your company in Russia we prepare 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 “Financial Reporting 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 a professional finance reporting in Russia so 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 itself is not enough. In addition to the invoice the invoice “Faktura” and the handover certificate (acceptance act) 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;
- According to Russian GAAP it is impossible to terminate a reporting period before its actual termination.
Our service Financial Reporting consists of the following:
- 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.
Please see our publications how to register a company in Russia:
|Company Set Up in Russia|
|A Powerpoint presentation that gives you an overview of the process of setting up business in Russia|
|Establishing Company in Russia|
|Guideline about the process of establishing company in Russia|
|Here you will find other publications|
|Additional publications about doing business in Russia|
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 Russia Consulting and is based at our office in the very center of Moscow. Don’t settle for less!”
What our clients say about us
We have been working with Rufil Russia Consulting for many years. We value the professionalism of the RC consultants and that all our enquiries are dealt with immediately.
Marlies Moretti/ Director Sales Emerging Markets & Direct Markets International Sales
Very good experience!
I can recommend Rufil Russia Consulting based on very good experience with their services. Highly professional. Always reliable.
Miroslav Cernac/ General Manager Eastern Europe
I recommend Rufil Russia Consulting to all companies that export to Russia or have a business there. We were very satisfied with the working results of the Moscow team.
Dirk Uhlemann/ CFO
Segment Behälter Bau GmbH
Our clients often ask for the following additional services:
|Managing Director in Moscow and Berlin|
|+7 495 221 26 65|
|+49 (0)30 120 84 956|
|Marksistskaya Street 16, 7th floor, office 2, 109147, Moscow, Russia|
|Managing Director in Moscow and Berlin|
|+7 495 118 38 65|
|+49 (0)30 120 84 958|
|Ul. Bolshaya Dmitrovka 23/1, 125009 Moscow, Russia|