Central Bank official comments on using IAS

The upcoming passing of Russia to International Accounting Standards (IAS) is one of the major factors for attracting investments and "will promote our country to the new level of international trust", First Deputy Chairman of the Russian Central Bank Tatyana Paramonova stated at an international conference on attracting investments at the Russian Federation Council. "The answer to the question why there are currently no investments, is mainly in this field", she believes.

Paramonova mentioned that Russia had started adopting International Accounting Standards as early as in 1993, and pointed out that this transition was very important and would last for another several years. According to her, as of now, only about 120 Russian banks provide their financial statements under International Accounting Standards simultaneously with Russian Accounting Standards. Over 1,000 banks are still going to pass to International Accounting Standards. Paramonova also pointed to positive dynamics of macroeconomic indices. Both legislation and real economic indices provide grounds for domestic and foreign investments in the Russian economy, the Deputy Chairman of the Central Bank is sure.

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