• Register
Return to: Home > News > Regulation > PwC partner calls for support in Russian IFRS transition

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.

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.