International financial reporting system
International financial reporting system(IFRS) was created in Europe with the purpose of standardizing the tax reporting of the enterprises to facilitate the understanding of enterprises in international transactions. Once the company is ready to reach the level of the share issue, created the need to issue tax statements in the manner specified by European standards. This is done to understand external investors policy and the nature of activities of the company, how they value benefits from investments are planned. First, the system of IFRS was widespread in several countries of Europe, but then economic integration is required to expand the horizons of activity. The main difference between IFRS and Russian style of accounting is a set of principles, which are aimed not at finding loopholes between the laws and the standard scheme of solving problems, according to the rules. This approach significantly increases the level of enterprises in the eyes of future investors. And the cost of implementing the system does not exceed the losses from the folk art of domestic accountants. How to provide your company with a modern system of financial reporting? First of all let’s deal with the staff. Not necessary to change the old staff, especially if it’s competent experts in their field. Not necessary to add external advisers, as they are often not very interested in the end of counselling. The most adequate solution is to organize courses on IFRS, followed by certification and the exams for chief accountant and his closest aides. This training program may be presented by different educational institutions, such as the training centre FINKONT in Moscow. The task of such institutions is to prepare students with the IFRS for certification confirming the qualifications of a specific IFRS accountant. In the future, the responsibility for the implementation of standards in the activities of the company rests with trained specialists. Specialist knowledge is supplemented with the orientation in IFRS, IAS, IFRIC, SIC and others.