05.11.09

IFRS: Increase Transparency
& Attract Investment
Presented by
Alinga Consulting Group

An important lesson the crisis has taught businesses around the world is that transparency and keeping information accessible are crucial for managerial reporting and a necessity for financing. IFRS is a tool that both business owners and investors alike can use to clearly report and analyze financial and tax activity.

Alinga held a seminar on issues surrounding IFRS in Russia on October 29th, 2009 at the Holiday Inn Lesnaya in Moscow, Russia. The seminar was part of a regular schedule of seminars held by Alinga to better inform the public about issues surrounding audit, taxation, accounting, and legal issues in Russia. Professionals from Alinga gave the following presentations (click on the titles below for the full presentations), which were followed by a range of inquisitive and informed questions from the range of professionals who attended.

Presentations (All in PDF format, less than 1 MB)

Chet Bowling   Roman Zheltopuzov     Maxim Grishin   Galina Klimenko     Yulia Mazur   Alexey Spirikhin

Introduction    Chet Bowling, Managing Partner An introduction to Alinga Consulting Group, its services and philosophy. On the Russian market since 1999, staffed by qualified professionals, and offering a wide range of audit, tax, accounting, and legal services - Alinga has the resources to help your business succeed!   New IFRS Rules for SMEs Roman Zheltopuzov, Manager - Accounting Dept. The use of international financial reporting standards (IFRS) is on the mind of many small and mid-sized businesses (SMEs). This presentation covers the main advantages of using the new IFRS for SMEs and focuses on the simplicity of using the new standards, the relatively low material investment for its initial implementation, and other advantages for SMEs which transition to IFRS.   Using IFRS as a Tool for Due Diligence  Maxim Grishin (FCCA), Senior Audit Manager - IFRS Converting financial statements from RAS to IFRS during a due diligence investigation greatly increases the transparency of the target of the investigation. Because IFRS is controlled by stricter standards and emphasises substance over form, IFRS statements can communicate information about a company that would otherwise remain unknown to potential investors.    Tax Aspects of a Due Diligence Investigation Galina Klimenko, Director – Audit & Tax Department In times of crisis, survival becomes an urgent matter for some companies, while for others a general economic crisis presents the perfect opportunity to expand and acquire new companies. However, the pleasure of acquiring a company may be significantly dampened by serious financial losses during potential tax audits in the future. This presentation outlines how due diligence assesses the tax risks of purchase before it is complete. Also covered is the important difference between “tax optimization” and “tax evasion.” Lastly, the presentation covers the most common risks detected during due diligence.   Changes in the Tax Code for 2010 and Tips for Closing 2009 Yulia Mazur, Partner, Head of Accounting This presentation focuses on the current tendencies in tax legislation, and in particular on the replacement of the Uniform Social Tax with insurance payments and the consequent loss of one of the main advantages of using the Simplified Taxation System – a lowered tax load – beginning in 2011. It also discusses the tax reform under which, beginning in 2010, holders of temporary residency will be exempt from insurance taxes in Russia.   1C as a Platform for Parallel Accounting Alexey Spirikhin, Senior Auditor This presentation describes, step-by-step one possible way of implementing IFRS using 1C, an accounting software common in Russia. This presentation also outlines the advantages and disadvantages of using IFRS with 1C and gives an overview of the steps necessary to maintain the accounting according to IFRS.

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This seminar was presented with support from: