Financial statements. How do you do it?


Financial statements

How do you do it?

Metals and Mining, Energy, Oil and Gas, Fertilisers

This year we are once again coming out with the results of the survey on the financial reporting process. This is the fourth consecutive year that we are conducting this survey. As usual, the purpose of the survey is to review the existing financial reporting practices in Russian companies. The data we have collected will help our readers to compare their financial reporting processes with the existing practices of their peers.

We looked into the key stages of preparing financial statements according to IFRS: closing accounting registers according to the Russian Accounting Standards (RAS), transformation and consolidation. We examined the correlation between the duration of financial statements preparation and the extent of automation and standardisation of financial reporting processes. We reviewed the key factors that affect the duration and the complexity of financial reporting processes.

We received responses from 50 companies. The high level of uncertainty in today's economic environment has made cost management a priority for most companies. Finding new ways of optimising finance department operations may also contribute to achieving this goal.

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