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Russia to begin requiring IAS in 2004

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24 Jan 2003

Russian Vice-Premier and Finance Minister Alexei Kudrin has announced government approval of a plan to require all listed holding companies in Russia to prepare consolidated financial statements using IFRS starting in 2004. The individual company financial statements of members of the group would continue to be prepared using Russian GAAP.

For banks, not only would consolidated statements under IFRS be required starting in 2004, but also individual banks will have to prepare IFRS financial statements in addition to Russian GAAP statements. IFRS reporting would be extended to additional classes of companies in stages through 2007, though not to small companies. At the same time, the Finance Ministry will work to bring Russian GAAP more in line with international accounting standards.

 

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