Institute for Financial and Economic Monitoring
Ru / En

Development of internal documents, which regulate the organization and maintenance of accounting records and preparation of reporting

Title Development of internal documents, which regulate the organization and maintenance of accounting records and preparation of reporting
Client Major companies of the raw materials sector
Brief description Development of detailed accounting policy:
  • Development of methods of express analysis of reporting accuracy of subsidiary and related organizations by the experts of holding parent organization
  • Participation in the development of Regulation on the calculation of expenditures and production costs (cost account) formation in diamond industry
  • Participation in the development of the Instruction on the distribution cost accounting in the gas trade
  • Services in the field of personnel training and maintenance of developed documents
Results 1. The following documents were developed:

1.1. Working charts of accounts for bookkeeping

1.2. Album of standard accounting entries for performed business transactions of the organization

1.3. Internal standards of the accounting according to Russian accounting standards, taking into account the requirements of tax accounting and the necessity of preparation of reporting according to International financial reporting standards, which include the detailed description of the accounting treatment and documentation on standard business transactions with the forms of primary accounting documents, including the documents developed without approved unified forms, as well as such issues as recording of relevant property and liabilities in the financial reporting, including:
  • Standards on the asset accounting and intangible assets (with account taken of special factors relating to accountancy and specificity of amortization of specialized fixed assets in the mining industry);
  • Standards on cash accounting;
  • Standards on inventory accounting, including special clothing and special-purpose tools;
  • Standards on settlements with debtors accounting and transactions on realization of production (work, services);
  • Standards on long-term and short-term financial investments accounting, including methods for determination of their current market value;
  • Standards on accounting for settlements with creditors, including emission transactions and discharge of debt securities;
  • Standards on accounting for financial and economic activities of auxiliary and service departments of large industrial organizations (heat supply, water supply, power supply, transportation by technologic, freight and road passenger transport as well as river and air transport etc.);
  • Standards on accounting for constant and deferred tax liabilities and assets;  
1.4. The procedure for preparation of consolidated financial statements of group of  companies, including the detailed procedure declaration of consolidation of statements of Russian and foreign subsidiaries and recording of investments in related organizations;

1.5. The procedure for organization, implementation and documentation of taking inventory of property and liabilities of organizations, including peculiarities of the inventory of some types of property (for example, gem stones);

1.6. Document flow diagrams;

1.7. Album of forms of primary accounting documents, including documents developed in the absence of unified forms taking into account the industry characteristics of the activity of materials sector organizations.

2. Training of staff of accountant’s planned and other interested organizations of the customer concerning the practical application of developed provisions and standards was conducted.

3. Provisions and standards were improved following the results of their practical implementation.

4. Provisions and standards were improved taking into account requirements to process automation of accounting and management of organization.

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