Home  Journals  International Accounting  37(283) - 2013 October

Problems of preparation of first financial statements according to IFRS

Available online: 6 October 2013

Subject Heading: ON WAY TO THE INTERNATIONAL STANDARDS

JEL Classification: 

Now the number of the companies, decided to begin reporting preparation under the International Financial Reporting Standards (IFRS) grows. To this decision of the company can come according to the requirements of the Russian legislation or requirements of users of the reporting (banks, the exchanges, shareholders). Therefore now the problems of preparation of the first reporting on IFRS don't lose the relevance. Preparation of the first reporting on IFRS is a complex challenge and demands considerable resources. The awareness of the companies on the main problems of the first application will allow to be prepared for such difficulties and to cut expenses on preparation of the first reporting on IFRS.

Keywords: first-time adoption, first financial statements, date of transition, adjustment, transformation, retrospective application, IFRS

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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