Accounting and Tax Reporting for Exchange Rate Losses and Profits in Russia
Alinga Consulting Group was founded in 1999 by a small, international team of professionals that had been working in the Russian market since 1992. As foreign investment has increased demand for professional accounting and audit services, and as growing companies now require outstaffing and HR documentation services, Alinga has kept pace with a range of solutions for business in Russia. As a member of such organizations as AmCham Russia, AEB, and the Moscow Audit Chamber, Alinga takes customer service as seriously as it takes the accuracy of its services.
Accounting and Tax Reporting
for Exchange Rate Losses and Profits in Russia
By Galina Mandrykina, Senior Auditor,
Olga Subbotkina, Senior Auditor
Alinga Consulting Group
With the ruble's current volatility, many companies are seeking stability by pricing goods and services in dollars, Euros, or even "conventional units," a Russian term for a made-up denomination, which is usually based on the dollar, euro, or given its own exchange rate.
However, according to Russian legislation, for accounting purposes, the value of assets and liabilities expressed in foreign currency must be converted to rubles, thus creating exchange rate gains or losses that must be accounted for in the company's accounting and tax reporting.
This article written by specialists of Alinga Consulting Group in Russian only will be interesting and useful to your accountants. Forward this link to them!
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