Russian organizations transferred to International Financial Reporting Standards

Russian organizations transferred to International Financial Reporting Standards

Government Commission on legislative drafting activities has adopted transition of Russian organizations to International Financial Reporting Standards (IFRS).

The bill drafted by the Ministry of Finance provides enhanced application of International Financial Reporting Standards when making financial reporting.

All non-state pension funds, management companies of investment funds, mutual funds, non-state pension funds as well as clearing organizations and state unitary enterprises will  adopt such form of financial reporting.

The above mentioned organizations will be required to prepare, submit and publish consolidated financial reporting in accordance with International Financial Reporting Standards starting with financial reporting 2013. Bond issuing institutions - from financial reporting 2014.

With requirement to submit documents in Russian a new requirement to reflect financials in the currency of the Russian Federation has started up.

Government Press Service notes that adopting the law will enhance the application of International Financial Reporting Standards by Russian organizations, improve the transparency level of organizations, and exercise rights of persons concerned to obtain reliable and accurate information as well as provide conditions to improve the overall financial climate.

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