Russian banks begin adopting IFRS in 2004

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03 Nov 2003

Speaking at a conference on IAS and Russian Integration into the World Economy, Tatyana Paramonova, First Deputy Chairman of the Russian Central Bank, said that the Central Bank has developed a programme for the Russian banking sector's transition to International Financial Reporting Standards.

Russian banks are required to adopt IFRS starting 1 January 2004. However, Ms. Paramonova noted that "the transition is a very difficult process as for almost 70 years the whole system of accounting was geared towards a centralised planned economy." Banks will have a two-year transition period to convert to IFRS. Starting on 1 January 2006, the Central Bank will begin evaluating and enforcing compliance.

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