The Ministry of Finance has elaborated a draft federal law on introducing amendments to the Federal Law on Consolidated Financial Statements.
The draft provides for expanding the use of International Financial Reporting Standards (IFRS) for making consolidated financial statements in such important spheres as non-government pension funds, investment fund management companies, unit investment funds, clearing organisations and major public unitary enterprises. The draft makes it their obligation to compile, present and publish consolidated financial statements in the IFRS format starting in 2013.
Bond-issuing organisations that are obliged to comply with the reporting requirements starting in 2015 by Part 2 of Article 8 of the Federal Law will now have to compile, present and publish consolidated financial statements in the IFRS format beginning in 2014.
The draft also specifies the norms of the Federal Law on compiling, presenting and publishing financial reports by an organisation that is not part of a group and does not have subsidiaries.
The adoption of the draft will promote the use of IFRS by Russian organisations, make them more transparent and open, and help interested users implement their right to receive authentic and useful information and create conditions for improving the general climate in the financial market.
The Government reviewed and approved the draft at its meeting on September 23, 2013.
