Financial statements
How to read Russian accounting standards and IFRS reports, where to find them, and which numbers deserve trust.
5 articles
Earnings quality: how much cash is in the profitProfit is an estimate; cash is a fact. A persistent gap between them demands an explanation.
Notes to the accounts: where the interesting part livesThe statements give the numbers; the notes explain how they were arrived at. The gap between them is the subject of analysis.
The balance sheet: what a company owns and what it owesA snapshot on a date: assets on one side, the sources funding them on the other. The two sides always match.
How to read the income statementTop to bottom, from revenue to net profit. What each line means and where one-off items usually hide.
Russian accounting standards and IFRS: the difference and what to readWhy one company reports two profits, which one matters to an investor, and when the Russian standards are still the ones you need.