Round table: IFRS Implementation in the Russian Federation
A round table on Practical Issues regarding the Implementation of International Financial Reporting Standards (IFRS) in the Russian Federation took place in Moscow on 23 November. IFRS allow multinational companies to produce financial reports more easily through using a single, universally-recognized report format, and they allow the financial reports of companies throughout the world to be compared with greater ease. The round table was organised by the National Financial Reporting Council and Deloitte, with support from the Ministry of Finance.
The application of the Federal Law on Consolidated Financial Statements was discussed during the round table. Questions were asked regarding the adoption of IFRS when drawing up consolidated financial statements. Such questions included, in particular, the number of organizations that are subject to the law, how to determine such organizations, the volume and content of the first IFRS financial statements, methodology for adopting IFRS for the first time, auditing financial statements in accordance with IFRS, and presentation and publication of financial statements.
Participants in the round table emphasized the importance of a swift resolution to the above issues to ensure a consistent and correct application of IFRS by Russian accountants, auditors and supervisory authorities. It was decided that it would be useful for discussion on the above issues to continue.