Finance Ministry Says Russia Will Apply International Accounting Standards With Changes

Russia will not apply international accounting standards in their pure form, Deputy Finance Minister Sergey Shatalov announced at a conference devoted to openness of Russian financial institutions today. He explained that Russia will work out its own national accounting standards on the basis of international standards. The deputy minister stressed that no country in the world is using international accounting standards without introducing any changes to them. He also stressed that Russian lawmakers should pass 21 bills for switching to new accounting standards and 18 of them have already been approved. Shatalov rejected accusations that Russia is switching to international accounting standards too slowly. He noted that according to a decision of the International Accounting Association, Russia should switch to new standards by 2005. Meanwhile, it will manage to do it earlier - by 2004.