Russia's Banks Are Prepared to Switch to International Accounting Standards, Beginning January 1, 2004 - 12 September, 2002

Mrs. Paramonova said that this transition would allow showing a more adequate picture as to the situation in Russia's banking. She reminded that the first steps in this direction had been made as early as in 1993 and the work had continued ever since. Over the past three years, the accounting system used by the Central Bank has been close to international standards and in 2002 will fully conform to them.

At the same time, as Mrs. Paramonova continued to say, the switching of Russia's banking system to international accounting standards must happen simultaneously with that in the country's economy 'to prevent the same operations shown differently in the financial reports of banks and companies'. She said that the Central Bank had decided to create a committee for the introduction of international accounting standards and that the committee would soon convene for the first time. It will prepare the necessary changes in Russia's law and take care of 'other methodological issues'.