Many companies which are market leaders and some of the largest firms in the Russian Federation, according to the most authoritative Russian ratings, have been or still are FBK’s clients.
Our clients include financial and investment companies, mining and metals companies, construction and development companies, enterprises from the oil and gas industry, retailers, transportation companies, innovative enterprises, dot-coms and IT companies, as well as factories and enterprises in mechanical engineering, the nuclear industry, agriculture and others.
We have advised the Government of the Russian Federation, regional and municipal authorities and facilitated the implementation in Russia of international programs to improve the business environment: in particular promoting reform of the tax system, Basel 2 and developing auditing.
Our experts have work at companies and enterprises in virtually all of Russia’s sectors.
Independent confirmation of the quality of FBK’s services is that many of these companies have been working with us since the mid-1990s.
Working with ALROSA since 1995 to the present.
In the eighteen years we have been auditing the RAS financial statements of ALROSA and twelve subsidiaries (more than 90 projects) and auditing IFRS financial statements. We have carried out a special audit at three subsidiaries, implemented a project to develop and optimize a subsidiary’s management, provided services in the field of property valuation, a property complex, buildings and equipment, carried out financial and management consulting and provided consulting on IFRS and on accounting and tax accounting.
Lawyers from FBK Legal have represented ALROSA and its subsidiaries in court and provided legal counseling.
Cooperating with Gazprom since 1996.
In the seventeen years of our cooperation, we have repeatedly carried out audits according to RAS at Gazprom subsidiaries (more than 430 projects for over 90 subsidiaries), valued property and shares (more than 110 projects), provided consulting services on transfer pricing and on accounting and tax accounting, performed financial and management consulting and prepared financial statements in accordance with IFRS for Severneftegazprom.
FBK Legal’s lawyers have represented companies belonging to Gazprom in court on more than 160 cases and have advised on legal issues.
FBK has also been providing services to the Russian oil company Rosneft for seventeen years.
During the period from 1996 to 2013, FBK audited the financial statements according to RAS of 26 companies owned by Rosneft, provided a large amount of consulting services in accounting and taxation methodology and in particular developed detailed RAS accounting standards which are as close as possible to IFRS and U.S. GAAP. This in turn allowed Rosneft to optimize the accounting function at the enterprises it owns. We also provided services in financial and management consulting and training specialists at Rosneft.
FBK Legal’s lawyers have advised Rosneft on tax and legal issues and represented the holding’s interests in the court.
Our partnerships with Transneft and Russian Railways began in 2000 and have continued to the present
FBK has performed more than 100 financial accounting audit projects for Transneft and its more than 40 subsidiaries. In 2000-2001, we carried out a special audit of fourteen subsidiaries. In collaboration with other relevant departments, experts from FBK’s Department of Accounting Consulting, implemented a major project to reduce the time needed to prepare accounts according to RAS and IFRS at organizations owned by Transneft. FBK has also provided consulting services in accounting and tax accounting methodology and financial and management consulting. Experts from FBK’s Department of International Reporting also implemented a project to draw up the consolidated financial statements of Transnefteproduct in accordance with IFRS for 1999-2001.
Lawyers from FBK Legal have also represented Transneft in court.
For Russian Railways we have audited financial statements in accordance with RAS (15 subsidiaries since 2006 to the present totaling more than 40 projects), implemented a project of control and a limited audit at 8 of the 17 regional railway systems of Russia’s Ministry of Railways, provided consulting services on accounting and tax accounting methodology and financial and management consulting, as well as valuation services (valuing the cost of fixed assets for IFRS purposes, valuing movable property and valuing real estate).
We started working with other companies relatively recently, in the early 2000s, providing them with a full range of FBK audit, consulting, legal issues. Among them are the leaders in their industries such as Inter RAO UES, the Evraz Group, the X5 Retail Group N.V., Mechel, United Company Rusal, the NLMK Group, Rostelecom, Metalloinvest, Sibur Holding, Rosenergoatom Concern, Novatek, the AvtoVAZ Group, PepsiCo, Gazprombank, the EuroChem Group, Sberbank of Russia, Sistema JSFC, IDGC Holding, VTB Bank, RusHydro and Magnitogorsk Iron and Steel Works.
Other major projects include:
- Preparing (with the participation of the Institute of Professional Accountants and Auditors of Russia) Methodological Guidelines for the Concern Rosenergoatom on cost accounting, setting production prices of labor and services, planning expenditures to set tariffs taking into account the specifics of companies in the nuclear power industry and updating and revising methodological recommendations in line with changes in the regulatory framework and regulation in the industry.
- Preparation and harmonization with Russia’s Ministry of Finance and Federal Tax Service of the specifics of the tax base in the nuclear power industry. In cooperation with the Rosenergoatom Concern.
- A project to develop the methods of setting the cost of fixed assets in accordance with IFRS when implementing automated accounting at seven regional companies in the JSC IDGC Holding.
- Preparing the 2008 consolidated financial statements of JSC IDGC Holding in accordance with IFRS and supporting the Holding’s international audit conducted by KPMG. Preparing consolidated financial statements at eight of the Holding’s regional companies.
- Actuarial valuation of the pension and social obligations at JSC IDGC Holding and nine of its regional companies.
- Conducting stress tests on the impairment of assets at JSC IDGC Holding and eight of its regional companies.
- Developing procedures for the rapid closure процедуры быстрого закрытия of accounts and maximum reduction in the preparation time of financial accounting in accordance with RAS and IFRS for a subsidiary belonging to Inter RAO UES.
- Developing a detailed accounting policy in accordance with IFRS and a chart of accounts for preparing IFRS financial statements of a subsidiary of Inter RAO UES.
- Creating the technical specifications for the automated preparation of IFRS financial statements at a subsidiary of Inter RAO UES.
- Auditing financial accounts in accordance with RAS at 38 Evraz Holding companies from 2000 to the present (more than 160 projects). Conducting valuations of businesses, property complexes and the shares of companies owned by the Holding. Consulting services in accounting and taxation methodology for companies belonging to the Holding.
- Valuation services for accounting under IFRS for the X5 Retail Group N.V.
- Auditing financial accounting standards in accordance with RAS at 31 subsidiaries of United Company RUSAL in 2003, 2004 and 2007. (In all over 70 projects).
- Preparing a consolidated package of the SIBUR Holding for Gazprom. International auditors were PwC.
- Services for methodological support in restructuring the accounting function (accounting and taxation) at RusHydro.
FBK has held a leading position in the rankings of professional companies since their compilation has begun.
The Company’s management is in the Top-1000 of Russian Managers.
FBK’s President, Sergey Shapiguzov, has been repeatedly named one of the best managers in the category of professional services, while FBK Vice President for Economy and Finance Sergey Lomize has also repeatedly been mentioned among the best financial directors and FBK Vice President for Corporate Development Irina Sukhova as one of the best Marketing Directors.
FBK’s Director of our Department for Support and Development of Information Technology Yuri Nemcheninov has been named as the best IT Director.
- FBK's major clients
- Banks & Financial Institutions
- Mining. Metals
- Science, Innovation, Technology
- Government & public sector
- Mechanical Engineering, Processing Industry, Production
- Development. Construction and infrastructure
- Hospitality, Tourism and Recreation
- Consumer Goods and Retail
- Transport and logistics
- Chemical & Petrochemical industry
- Food Industry and Agriculture
- Nuclear Industry