IAS to be introduced for large companies in Russia in 2004

At today's meeting the Russian government approved the plan of action developed by the Finance Ministry and aimed at Russia's transition to international accounting standards, Sergey Shatalov, Senior Deputy Finance Minister, told reporters. In particular, in 2004 the government is planning to introduce obligatory consolidated accounting reports according to international standards for large enterprises, for example holdings. The participants of a holding will submit their financial reports according to Russian accounting standards, but the aggregate reports should be drawn according to international standards, Shatalov pointed out.

These enterprises will in the first place include organizations that have their shares traded on the stock market. The corresponding bill will be developed in the first half of this year, the Financial Ministry official emphasized. The Deputy Finance Minister also reported in 2004 the banking sector would also have to embrace international accounting standards. Banks will submit not only consolidated financial reports, but each bank will have to first draw its report according to Russian accounting standards and after that redraw the same report and make it comply with international standards.

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Author`s name: Editorial Team