GAAP services

Despite the fact that International Financial Reporting Standards (IFRS) are recognized and used all over the world, in a number of countries companies continue to prepare reports in accordance with national accounting rules.

In particular, the USA, the largest capital market in the world, still makes national American companies to use of US GAAP, the second most popular standards. The use of IFRS is allowed only in the reporting of foreign organizations which have the status of Foreign Private Issuer.

When GAAP services are needed

Services package in the field of accounting under US GAAP standards may be required by your company, particularly, in the following cases:

• the company plans to enter or develops cooperation at the USA market

• the company's shares are listed on the American Stock Exchange

• it is required to attract an American investor

• parent company is located in the USA and prepares US GAAP reporting

The USA Securities and Exchange Commission (SEC) launched projects to converge US GAAP and IFRS standards. However, the merger of the standards has not yet been achieved, and the US FAS Council continues to develop technical issues on its own projects, which often differ from IFRS interpretations.

Thus, US GAAP has its own specifics and for the purposes of reporting in accordance with US GAAP, it is reasonable to involve professionals who understand the American standards.

Group’s services in the field of US GAAP

Experts of the DELOVOY PROFIL Group have the necessary knowledge and qualifications to provide a full range of services in the field of US GAAP, including:

• Analysis of the readiness of the company's transition to US GAAP

• Preparation of financial statements in accordance with US GAAP

• Compilation of US GAAP financial statements

• Transformation of financial statements in accordance with US GAAP

• Audit of financial statements according to US GAAP*

• Methodological support for the transition to US GAAP

• Consulting on complex US GAAP issues and clarifying standards.

US GAAP is a more detailed and stricter standard and usually contains more specified interpretation, so that experts also use their knowledge of US GAAP in preparing IFRS statements to clarify and determine position on complex issues.

DELOVOY PROFIL Group is a member of the international network MGI Worldwide, which allows specialists to receive timely information on any changes in GAAP standards, both implemented and planned, as well as to involve network member firms in the process of implementation of cross-border projects. More than 40 American audit and consulting companies that are part of MGI Worldwide are ready to provide support in the application of US GAAP.

The Group's team together with MGI Worldwide members use reliable GAAP reporting practices that have been developed and tested throughout the global network.

*These services are provided by AC DELOVOY PROFIL JSC, which is not a member of MGI Worldwide international network