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