Russian statutory and tax accounting methodology


Russian statutory and tax accounting methodology

Our experts have comprehensive experience in implementing accounting and tax functions for a range companies. We assist our clients to put in place diagnostics, determine target accounting and tax accounting system models, harmonise various accounting systems, and increase the efficiency of accounting and tax functions.

  • Reorganize the company’s financial department, including its accounting function, to comply with Russian legislation
  • Develop a Russian statutory and tax accounting system as a part of the company’s unified system for financial and economic management
  • Harmonize Russian legislative requirements (for statutory and tax accounting) with IFRS and management reporting requirements
  • Prut in place an updated corporate ERP system
  • Unify accounting processes and develop a single accounting model for organisations with holding structures

Corporate goals and objectives

Our team has extensive experience in setting up accounting and tax functions. We will help you to diagnose the current status, set a target state for the accounting and tax functions, take steps to harmonize different types of accounting, and increase the efficiency of your accounting and tax functions.

What we do

Over the course of a project, we analyze current state of your Russian statutory and tax accounting functions, form a target vision for these functions, and make recommendations on tax, IFRS/US GAAP accounting, and management reporting. Our goal is to create a single harmonized accounting system within your company, with Russian statutory accounting as the key source of data for enterprise management systems.

Our approach

Typically, the project deliverable is a singular harmonized model for accounting processes and procedures, which is composed of the following elements:

  • Suggestions for harmonizing Russian statutory/tax accounting with other types of accounting
  • Russian statutory and tax accounting policies
  • Chart of accounts and analytical classifiers
  • Algorithms for statutory and tax reporting
  • Transaction ledger with accounting entries for all business processes
  • Income tax register album
  • Period closing regulations for statutory and tax accounting

We will additionally help with the implementation of the accounting solution in ERP systems, assist with system testing, and provide training for its users.

How your business will benefit