Galina Ryltsova, PwC Russia partner and member of the Russian
Ministry of Finance's Interagency Working Group for IFRS
Implementation, looks at recent developments in Russia's
adoption of IFRS.
The use of IFRS is expanding rapidly in Russia and, based on the
government's plans, may expand further still. Russian credit
institutions, insurance companies and companies whose shares are
admitted for trading will need to issue a full set of IFRS
consolidated financial statements by 2012. Entities that issue
securities through subscriptions involving a group of over 500
individuals are also required to prepare IFRS consolidated
financial statements.
The official date of transition for those companies not already
reporting under IFRS is January 1, 2011. IFRS consolidated
financial statements need to be audited and filed by April 30, 2013
and published by May 31, 2013 (see box below).
