Federal Law N 208-ФЗ from July 27, 2010 “On Consolidated Financial Accounts” prescribes consolidated financial accounting for organizations to be compiled in accordance with International Financial Reporting Standards (IFRS). Russia employs IFRS and Interpretation of IFRS, enacted by the IFRS Foundation and officially recognized by the Russian Government (Decree # 107 from February, 25, 2011).
The Ministry of Finance issued Order # 160н from November 25, 2011 “On Implementing IFRS and International Financial Reporting Interpretation in the Russian Federation” which has made IFRS legally official in Russia.
Among recognized international standards are such as “Presentation of Financial Statements”, “Statement of Cash Flow”, “Accounting Policies, Changes in Accounting Valuations and Errors”, “Profit Tax”, “Fixed Assets”, “Influence of Changes in Currency Exchange Rates”, “Financial Accounting and Reporting of Retirement Plans”, “Earnings per Share” and many others. The following IFRS Interpretations are also recognized: “Profit Taxes – Changes in Tax Status of a Company or its Shareholders”, “Evaluation of Transactions Possessing Legal Form of Lease”, “Interim Financial Reporting and Depreciation”, “Customer Loyalty Programs” and others.