Accounting and Reporting

Russian Accounting
Payroll Accounting in Russia
Reporting and Taxation in Russia
US-GAAP and IFRS in Russia
Management Reporting

Russian Accounting

Advantages of Outsourcing the Russian Accounting

RUSSIA CONSULTING offers you the possibility of outsourcing your entire accounting in Russia. Especially for smaller and medium-sized enterprises, the outsourcing of accountancy will lead to higher cost efficiency and will enable you to focus on your core business in Russia. The outsourcing of Russian accounting includes the daily bookings and the preparation of documents and reports for the Russian tax- and social authorities.

Appraisal of Russian payroll accounting

Payroll accounting in Russia is an integral part of the accounting and tax system. The Russian payroll accounting includes the generation of various extensive documents about personnel administration such as monthly overviews of working hours and diverse internal adjustments (so-called "prikase").

Complex Reporting and Taxation

Reporting and Taxation are very complex in Russia, because Russian accounting is not predominantly influenced by commercial law, but by tax regulations. Accounting is thus extremely formalistic, and the legal requirement to report quarterly, including the balance sheets and profit and loss statements, leads to a enormous amount of work. Each quarter about 15 documents must be filed for reporting.

Differences between Russian accounting and IFRS / US-GAAP

In Russia accounting procedures are dominated much more by tax regulations than by commercial standards. Furthermore, due to missing documents many transactions which have already been concluded will, in contrast to IFRS and US-GAAP standards, not show up in the accounting, and thus the economical representation of the company will be biased.

Managemnet Reporting in Russia

As Russian accounting regulations are very formalistic and consequently have very little economical significance, it is often recommendable to prepare additional reports based on Western accounting standards. Cost centers and cost unit calculations are unknown in Russian accounting. Even cost categories are not represented in the standard profit and loss statements.