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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 IGAF, AmCham Russia, AEB, and the Moscow Audit Chamber, Alinga takes customer service as seriously as it takes the accuracy of its services. The Rough Guide to IFRS in Russia and how Alinga Consulting Group can help By Alexei Spirikhin, Manager Audit and Tax Department     About the Author Alexey Spirikhin, Manager  Audit and Tax Department   Alexey Spirikhin holds an economics degree in Finance and Credit from the Tyumen State University.   In 2005 he received a Certificate in GAAP Accounting from the American Institute for Business and Economics. Alexei is also currently completing his ACCA exams.   Alexei has extensive experience in the agricultural, food/entertainment, real estate, and transportation sectors.   Alexei currently holds the position of Audit Manager and is involved in audits conducted in accordance with both International Standards on Auditing (ISA) and Russian Standards on Auditing (RSA).   Follow Alinga:   Also on our Site: IFRS vs. RAS Debt Refinancing: Tax and Accounting Issues in Russia The Post-Merger Integration Process: The "Russia" Factor Thin Capitalization And Controlled Debt: Taxation And Legal Issues   Alinga Consulting Group +7 (495) 988-21-91 consult@acg.ru     International Financial Reporting Standards (IFRS) are used by the majority of the world’s countries. In Russia, IFRS is becoming more and more popular every year. Companies that use or would like to use IFRS understand that without using a system of unified financial reporting that is transparent and understandable to the majority of "players" in the market (in both domestic and international markets), their business will not develop. Reports prepared according to IFRS principles are necessary for companies working with foreign partners, companies looking for ways to attract foreign capital or credit, companies with foreign stock (for standardizing the parent company’s consolidated reports), and for companies with a professional corporate culture and long term business outlook.   The advantages for companies that use IFRS are evident: increase in the quality of financial information used for decision-making (both by management and stockholders); making access to capital easier and lowering the costs of attracting capital; unifying reporting standards used by groups of companies registered in different countries; increasing competitiveness (by improving reporting, increasing transparency, strengthening the credibility of the reports presented by other market players); simplifying mergers, acquisitions, and more.   In this respect, the question of auditing IFRS financial reports inevitably arises. Why is auditing IFRS reports so important? The main goals of such audits are to express opinions about the validity (accuracy) of the company’s actual financial situation, the results of its business activities, and its cash flow. This issue is particularly pertinent in modern Russia. As opposed to Russian reporting, which is compiled according to formal orders, IFRS reporting is based on the principle of “prioritizing economic substance over legal formalities” and therefore meets the requirements of the modern market economy.   IFRS reporting, as confirmed by independent auditors, automatically increases a company’s reliability both in the eyes of business partners as well as in the eyes of other market players (banks, lending institutions, etc.)   So, your company has already transitioned to IFRS or is ready to do so? How will you choose a dependable auditor to help you? We recommend taking a look at the advantages of working with Alinga Consulting Group!   But why Alinga, you may ask? How is Alinga different from all the other auditing companies on the market that offer similar services? We have the answer!   Alinga Consulting Group has been in business offering auditing services for 10 years (we are celebrating our 10 year anniversary this year!) Alinga is an independent member of IGAF Worldwide (International Group of Accounting Firms). Alinga Consulting Group is accredited with the Public Company Accounting Oversight Board (PCAOB), which gives us the right to perform audits for companies whose shares are traded on American stock exchanges. Our company’s professional liability is insured with the company Alfa Insurance. We offer our clients a multifaceted approach and individualized solutions developed exclusively for your needs and requirements. We aim for mutually beneficial cooperation with our clients and therefore strive to work with maximum efficiency to meet deadlines and to ensure the quality of our work. Our specialists have professional experience in all different sectors of the economy. We highly value all of our clients. Alinga Consulting Group is pleased to offer the following services with regards to applying international standards: Audit reporting prepared in accordance with international standards (IFRS/USGAAP); Preparing financial reporting packages in accordance with IFRS/USGAAP using data from Russian accounting sources; Implementing international standards for your company; Consulting support when preparing financial reports according to international standards.