Three useful pieces of advice for those planning to implement accounting according to IFRS
#1. You have to take into account the differences between RAS and IFRS, because IFRS standards are more flexible in the sphere of accounting policy and regulations. It may be, that when you receive accounting reports and perform reconcilement, you should think about bringing RAS accounting and IFRS accounting closer together.
#2. Before adjusting the chosen IT-solution, develop the accounting methodology, on the basis of which there will be formed the respective business-processes, that in the future will affect the system’s functionality in whole.
#3. Be ready to the increase in the amount of work and tasks real-time. It is related to the increase in the extent of control, as the company will have to perform two types of accounting now, to control them, reconcile them and refine all the processes.
An expert’s opinion:
“Implementing accounting according to IFRS, with no doubt, is a tendency, dictated by the modern market demands. First of all, among those who should think about IFRS accounting, there are foreign companies or organizations, whose activities one way or another are connected to foreign business. Today, the most relevant tasks in the sphere of IFRS are: adjusting invoice mapping, building business-processes of report formation, accounting of intergroup turnover and also consolidated reporting. The realization of these stages is what should be taken into account while implementing the respective IT-system.”
Tatiana Solovieva,
Senior consultant, First BIT's International Department
