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PwC partner calls for support in Russian IFRS transition

PwC Russia accounting consulting services partner Galina Ryltsova has called on the Russian government to provide “more clarity” to help the country successfully transition to and implement IFRS.

Following the recent announcement Russia will switch to IFRS next year, Ryltsova said that although the transition to IFRS is “a positive step”, she would like a firm transition date.

Furthermore Ryltsova believes a support mechanism for adopters will be the key to future success.

“I believe there are a number of matters that need more clarity. For example, in a number of countries which have moved to IFRSs recently, local standard setting bodies provide such a support mechanism.

“They identify significant implementation issues and engage in dialogue with the staff of the IASB with respect to their countries’ specific concerns and issues. We saw this happening in connection with adoption of IFRSs in Canada and Australia," Ryltsova told The Accountant.

She said there is some way to go before Russia has an effective infrastructure in place to implement IFRS in the country. At present the government has reportedly invited professional organisations to put themselves forward as an endorsement body for Russia similar to the European Financial Reporting Advisory Group.

Ryltsova believes quality control and an oversight mechanism will be important when setting up such an organisation.

“Moving to IFRS will mean for preparers a lot of planning, preparation, training and changes in the financial reporting processes”, she added.

Last week Russia’s finance minister Alexei Kudrin said Russian companies with consolidated accounts will switch to IFRS by 1 January 2012. Other public companies and SME’s will adopt IFRS during a transition period.

It is estimated 160 of the country's top 400 companies already use IFRS. This includes the banking sector, which was required to adopt the standards two years ago.

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