Qualitative transformation of accounting (financial) reporting in accordance with IFRS is carried out by our company specialists, who have rich practical experience in audits both in accordance with National Accounting Standards and International Financial Reporting Standards.

Based on the accumulated professional experience, the process of financial reporting drawing up in accordance with International Financial Reporting Standards (IFRS) is carried out in four stages:

1.  Planning stage
2.  Analysis and information evaluation stage
3.  Transformation stage
4.  Reporting preparation stage

For enterprises using IFRS for the first time, in accordance with IFRS 1 'First application of International Financial Reporting Standards', the transition to international standards additionally includes the formation of:

• an accounting policy meeting the requirements of all standards at the reporting date;
• IFRS opening balance sheet as of the transition date;
• comparative data for at least the year preceding the year of the first financial statement in compliance with IFRS;
• the first IFRS financial reporting;
• additional information explaining the impact of the transition to IFRS.

The starting point for accounting and reporting under IFRS should be the opening balance sheet in compliance with IFRS.  It is prepared as of the date of transition to IFRS. The date of transition to IFRS is the beginning of the earliest period for which an entity has presented full comparative information in accordance with IFRS in the first financial reporting.

Therefore, when IFRS is applied for the first time, financial reporting is prepared in the following order:

• balance sheet (statement of financial position) is prepared for three years;
• profit and loss statement, statement of changes in equity, statement of cash flows are prepared for two years.