A new $3.5 million 16 months long project called «Bank Accounting Reform» financed by the European Union Tacis Programme has been launched. It will benefit Russian commercial banks as well as the Central Bank of Russia (CBR).
The main objective of the project is to improve the functioning and the transparency of the banking system in Russia, by ensuring compliance of Russian accounting principles with the requirements of the International Accounting Standards (IAS). The CBR intends to introduce IAS in commercial banks after project completion.
The project will define a set of standards and rules in compliance with the IAS and will assist their proper implementation by commercial banks. It will facilitate the banking sector to provide relevant and reliable financial information, both for supervision and management purposes. In addition to the contemplated progress in financial accounting, Russian banks are thus also expected to improve their management accounting, management information systems and internal control.
The programme will include the following main components:
- Support to the CBR in drafting required standards and rules in compliance with IAS.
- Implementation of pilot projects in selected commercial banks.
- Design and implementation of a training programme.
The desirability to adopt accounting rules complying with IAS for all Russian entities has been acknowledged for some time. This project will make a major contribution to bringing accounting rules for Russian banks closer to IAS, will help restoring confidence in the Russian banking system and will create favourable conditions for economic growth.
This contract was awarded by Tacis to PricewaterhouseCoopers.
For further information, please contact the Press and Information Section of Delegation of the European Commission in Russia; telephone (095) 956 3600.