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Recently there has been an increasing number of articles where authors are providing the case for prompt adoption of IFRS in Russia, in particular, stressing the need for investments in the Russian economy. Some experts call for the move to a «full» IFRS accounting.
Indeed, it is hard to object to the need for the Russian accounting reform. The question «What should be done?» was answered in the Russian Government Decree #283, dated 6 March 1998, that approved the direction of our reform, i.e. IFRS....
Larissa Gorbatova
Larissa Gorbatova
On 10 December 2000, Mr. David Damant, member of the Board of the International Accounting Standards Committee (IASC), initiated a seminar on accounting in hyperinflationary economies with participation of ... ... in financial statements, including consolidated accounts. These problems are especially relevant to Russia that has been in a period of hyperinflation since 1991.
The discussion revealed major issues of IAS 29 implementation that can be broken down into ...
The three-stage plan covers the period from the present up through the year 2010 and sets out the «objectives of accounting development» and the steps to be taken in adopting and implementing an «IAS compatible accounting system.» It also describes how...
The three-stage plan covers the period from the present up through the year 2010 and sets out the «objectives ...
Andrei Krikunov
Andrei Krikunov
On 7 August 2001, the Russian President signed the Federal Auditing Law No.119-FZ. Section 22 of this Federal Law stipulates that it shall come into effect within one month of its official publication (except for certain provisions). Since the federal Auditing Law was officially published in the Rossiyskaya Gazeta on 9 August 2001, it came into effect on 9 September 2001.
For seven years and a half, audit regulation had been governed by Interim Auditing Rules in...