Financial Reporting Survey

Moscow, 11 September 2013. Deloitte CIS today launched the results of its second Financial Reporting Survey, detailing reporting standards in Russia’s key Energy & Resources (E&R) sector to help address growing demand for world-class financial reporting in the industry.

This year Deloitte expanded the scope of the survey with nearly 60 companies in the Energy and Resources industry participating in the survey, 40 of which had participated before. The majority of participants (52%) represent the Oil and Gas industry including upstream sector, refineries, petrochemistry and oil field service providers.

Financial Reporting survey highlights how financial reporting processes are organized in companies in the Energy and Resources sector. Specifically questions included:

• Harmonisation of statutory accounting, preparation of financial statements in accordance with IFRS/US GAAP and timing of reporting process;
• The level of IT automation of transformation and consolidation processes;
• The number of people involved in transformation and consolidation processes and the proportion of certified people involved in those processes.

The survey detailed the top reasons for international reporting in compliance with IFRS/US GAAP: growing expectation in the industry; a planned IPO; plans to issue debt securities;  the requirements of the bank; the requirements of Law 208-FZ;for another reason.

The results show the correlations between the closure dates of statutory books, transformation and consolidation with indicators such as the size of the companies and the level of automation of reporting processes.

Kelly Allin, Deloitte CIS Audit E&R leader comments: “Our clients continue to express interest in how other finance functions report, and perform. We trust this survey will provoke some discussion about how to optimize reporting process. It is our view that there remain significant opportunities for Russian companies to improve both the speed of their reporting and the effectiveness of the resources allocated.”

To read the survey, please follow the link.

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