Audit and consultancy Company BEFL completed a project of preparing the financial statements in accordance with IFRS for Join-Stock Company ‘Satka Iron-Smelting Works’ (SChPZ Group).

‘This project is our first experience of preparing the financial statements in accordance with IFRS for SChPZ Group,’ says Vladislav Novoselov, BEFL Managing Director. ‘We are glad to have become partners of the Company at this stage of its development. Transfer of SChPZ Group to IFRS as well as full repair of the third blast furnace in 2009 indicates that the Company intends to improve and to achieve a new level of production and manufacture. At this stage particularly our services are most required.’

Results provided by BEFL were audited by KPMG, a ‘Big 4’ representative. The project was completed involving services of the international appraiser company, American Appraisal.