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January 23, 2012

Hoogervorst endorses Russia’s IFRS adoption

International Accounting Standards Board (IASB) chairman Hans Hoogervorst has praised Russia’s full adoption IFRS as “proper” and with no amendments.

Speaking in Russia, Hoogervorst said the full IFRS adoption from January 2012 will enable international companies to raise capital in Russia more easily.

“As a result of this commitment, international companies using IFRSs will now be able to raise capital in Russia, while international investors will be entirely familiar with a set of Russian financial statements,” Hoogervorst said at an Ernst & Young IFRS seminar in Moscow.

Hoogervorst said: “You see markets that are growing at an astounding rate but from a much lower base, so applying market-based pricing, to pick one example, can be challenging.”


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