Construction of the accounting system

Following the companies that go public on the IPO and are obliged to follow the international standards of financial reporting, more and more of the market participants take a decision on the application of IFRS.

This decision is driven by the following facts about IFRS:

  • Standards are designed to provide information on the activities of the business for external users;
  • Standards are the result of many years of experience - the methodology of mathematics and accounting system, proved as efficient reporting forms used in practice in many countries with developed market economies;
  • They standardize the process of representing business transactions by the unified rules and allow a better understanding of the equity flows, processes of its accumulation and distribution, provide a common understanding of the economic essence of transactions of company’s management.

Understanding of standards by company executives and financial specialists can improve the quality of management reporting and add the efficiency for the decisions based on it.

But the process of transition to IFRS is fraught with certain difficulties:

  • International standards define the general rules for the preparation and reporting, but do not contain specific methods of collecting and processing financial information.
  • Insufficient qualifications of persons responsible for the preparation of financial statements could be another problem in transformation process.

"ERGOLG und GENAU" will help you to solve all arising problems!

Our team is ready to provide a full range of services arising from your needs:

  • Design of accounting policies and chart of accounts for individual enterprise and for consolidation of the group;
  • Design of internal corporate standards (rules) regulated accounting technology of business operations in order to record them in compliance with IFRS;
  • Training and coordination of the transformation and reporting team;
  • Solving of unique situations and issues of reporting business transactions by department of IFRS;
  • Preparation of decisions for particular accounting issues and complicated financial operations.

Designing of the accounting system in compliance with IFRS refers to the key objectives of management which requires in-depth knowledge and experience in similar projects.

We will make the transformation process to IFRS in your company easy and controlled. We will render full support and assistance on all current issues.