EKF electrotechnica starts preparation of the reporting in the IFRS format

The Homnet Consulting company carried out solution deployment of Homnet: IFRS for EKF electrotechnica company.

Background

Earlier the EKF electrotechnica company did not make the reporting under IFRS, but now there was a need for independent accounting of this type. A main objective of financial statements according to IFRS is submission of reliable information about a financial position of the company, results of business activities and change of a financial position. This information should help the management and investors of the company with acceptance of management decisions.

Solution

Specialists of Homnet developed accounting methodology according to IFRS and managerial accounting especially for EKF company. The methodology includes the description of such blocks of accounting as: fixed asset accounting, stock accounting, accounting of the obtained credits and loans, accounting of receivables. In this document the basic concepts of the reporting under IFRS, key similarities and differences between IFRS and RAS, basic approaches to reporting according to IFRS and also practical aspects of implementation of the described approaches based on the used solution "1C: Trade Management 8" are provided to EKF electrotechnica companies.

Creation of the methodological IFRS model allowed EKF electrotechnica to prepare the reporting under IFRS in more short time, to reduce costs for creation of the reporting and simplified interaction with auditors. It became possible thanks to the fact that the methodology represents set of already ready settings and also the methodical description of regulatory documents and the instruction for users.