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IFRSs to be partially adopted in Russia in 2012

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16 Mar 2011

On 25 February 2011, the Russian government signed off an IFRS endorsement procedure.

According to the procedure, IFRSs will be endorsed for use in Russia by the Ministry of Finance.

While the government decree does not have any implementation dates in it, the Minister of Finance commented to the media that he expects the currently existing IFRSs to be endorsed in Russia before the end of 2011. In that case the date of transition to IFRSs for Russian first-time adopters will be 1 January 2012, with the first full set of IFRS financial statements covering 2013 calendar year (with 2012 comparatives).

IFRSs in Russia will not replace national financial reporting standards – preparing consolidated financial statements under IFRSs will only be required for companies with publicly traded securities, banks and insurance companies – and standalone financial statements of these entities will still be prepared under statutory rules.

In its endorsement decisions for particular standards, the Ministry of Finance will rely on recommendations of a non-governmental expert committee (still to be created) and consultations with the Central Bank and the Federal Committee on Financial Markets (FCFM). The supervisory functions over IFRS implementation in Russia are delegated to the FCFM.

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