Transformation of financial statements

The transformation of financial statements is a procedure of adjustment of the already prepared reports based on local standarts , in such a way that it complies with international financial reporting standards. In order for this process to be successful,  it should be handled by a qualified specialist who knows IFRS thoroughly. PETTERSON & BENNETT pays special attention to study of international standards and methods of transformation, our employees are members or students of the prestigious British Association ACCA (Association of Chartered Certified Accountants), have certificates of CAP ( Certified Accountant-practitioner), and attend trainings and seminars devoted to the transformation of financial statements.

Peculiarities of financial reporting transformation from national to International Financial Reporting Standards or US GAAP

There are three stages of financial reporting transformation with national standards:

• preparatory - preparation of the initial balance, selection of the currency of submission, calculation of balances, development of a chart of accounts under IFRS (etc.);

• main - search for differences between national standards and IFRS, and preparation of corrective actions;

• technical - drawing up of tables already taking into account transformation and preparation of reporting under IFRS.

The transformation can be of several kinds. Namely:

• full transformation;

• complete taking into account hyperinflation;

• taking into account the requirements for conversion to foreign currency;

• full conversion;

• phased conversion.

Transformation of financial statements is quite complicated and time-consuming process, which requires special skills, knowledge and experience. Judging from all of the above, it is safe to say that the transformation of the fiscal. Reporting with national standards on IFRS should be entrusted exclusively to professionals in order to continue the legitimate and effective activities of your company.

Transformation of financial statements from national accounting standards to IFRS or US GAAP in Kyiv (Ukraine) with the company PETTERSON & BENNETT

Paying special attention to International Financial Reporting Standards, our specialists help to qualitatively transform financial statements from national accounting standards to IFRS for many years. We are trusted by a lot of domestic firms, foreign companies, branches and representative offices, whose business is developing on the territory of Ukraine.

Confirmation of this is an extensive database of loyal customers, and it was formed thanks to such advantages of our company:

• prompt and qualitative acceptance of the set tasks;

• qualified professionals, ACCA members or students, who are perfectly aware of all IFRS updates;

• years of experience with different types of reporting;

• maintaining full confidentiality of all your data;

• preparation of the necessary documentation in English;

• compliance with all laws (both the Ukrainian state and the state of our clients);

• affordable pricing policy (in the competitive market).

Do you still have additional questions? Financial statements need to be transformed from national accounting standards to IFRS or US GAAP? Then call us right now. Our goal is the successful and lawful activity of your company in Ukraine.