Vol. 7 4, 2017 p 62-70


Article name, authors, abstract and keyword


Methodological approaches and principles of preparation of financial model of the company according to IFRS

Pavel Y. Serikov a, Konstantin A. Sivolotskiy a, Maria V. Shchiponikova a, Andrey A. Mestnikov a

a Transneft, 57, Bolshaya Polyanka Str., Moscow, 119180, Russian Federation


Abstract: The article deals with the principles of development of a Companys consolidated financial model under the International Financial Reporting Standards (IFRS). Financial statements developed in accordance with IFRS in many countries are recognized as a source of quality and transparent data on financial and economic activities. In this regard, more and more users of financial information make demands to form not only actual but also forecast financial and economic indicators of the Company in accordance with IFRS. Forecasting in accordance with IFRS allows you to set key performance indicators that are consistent with financial reporting, to conduct a qualitative comparative analysis of actual and planned results and increase the confidence of external and internal users in forecast indicators. Using the financial model of the Transneft Group the author describes a universal algorithm for the formation of the financial model in accordance with the principles of IFRS. The main stages of this algorithm are discussed in detail starting with the collection of initial data, formation of transformational adjustments that take into account the difference between IFRS and Russian accounting standards and ending with the calculation of forecast financial and economic indicators. Also the article pays special attention to the applied aspects of the use of the results of such modelling.

Keywords: financial model, IFRS, accounting, financing, key performance indicators

Reference for citing:
Serikov P. Y., Sivolotskiy K. A., Shchiponikova M. V., Mestnikov A. A. Methodological approaches and principles of preparation of financial model of the company according to IFRS. Naukatekhnol. truboprov. transp. neftiinefteprod. = Science & Technologies: Oil and Oil Products Pipeline Transportation. 2017;7(4):6270.

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