Her report dealt with the practices of switchover to the International Financial Reporting Standards as exemplified by IDGC of the North-West.
On June 6 in Moscow the 1st Conference “Implementing IFRS in Russia: Sharing Best Practice and Identifying Common Solutions” was inaugurated organized by the Adam Smith Institute (London). Participating in the international forum are representatives of Russian and foreign companies. IDGC of the North-West, JSC is represented by Tatyana Maximova, Chief Accountant – Head of the Department for Financial and Fiscal Accounting and Reporting. Her report dealt with the practices of switchover to the International Financial Reporting Standards as exemplified by IDGC of the North-West.

IDGC of the North-West was one of the pioneers among electric power grid companies of Russia to apply international standards and automated preparation of statements with a view of increasing data accuracy and reducing the preparation time. Since 2011 the Company has switched over to independent preparation of statements as per IFRS. The current year plans include publication of unaudited abbreviated statements for the year half within 60 days upon the reporting period expiry (since 2013 – within 45 days).

“The way to this milestone has taken us four years and now we can tell our colleagues working in different branches of economy how to do it quickly, in top quality way and at minimum costs,” the practical aspect of the report highlighted by Tatyana Maximova at the beginning of her speech aroused much interest among the audience. “The guarantee of reporting quality and timeliness is adherence to certain principles of the corporate accounting system work,” said Tatyana Maximova. In case of IDGC of the North-West such core principles include: unified hierarchic methodology, unified system of information collection at the source, well-minded application of accounting methods as well as temporal separation of technological and analytical processes.