The Russian Ministry of finance has launched
an IFRS endorsement procedure with the aim of public companies
adopting the standard at the earliest possible date.
Transition to IFRSs for Russian first-time
adopters could be 1 January 2012, with the first full set of IFRS
financial statements covering 2013 calendar year, according to
Russian media reports.
IFRS will only apply to companies with
publicly traded securities, banks and insurance companies.
In August, Russia passed a law on consolidated
financial statements, which requires credit and insurance companies
to prepare and publish consolidated financial statements using
IFRS.
Partial IFRS adoption is expected to create a
large amount of transition work for accounting firms, which should
help firms recover as they still struggle as the result of the
recession.
