Accounting

Accounting requirements are spelled out in Federal Laws No 402-FZ “On Accounting” and No 208-FZ “On Consolidated Financial Statements”. The Ministry of Finance has adopted Russian accounting standards.
Accounting entries are recorded in line with the Chart of Accounts and Instructions for application which has been adopted by the Ministry of Finance.
Statutory financial statements to be prepared
on a standalone basis include: the balance sheet, statement of financial results, statement of changes in equity, statement of cash flows, and notes to the financial statements.

The reporting period is the calendar year from 1 January to 31 December.

Financial statements are annually submitted
to the entity’s owners, the Federal Statistics Service
and tax authorities. Annual financial statements should be submitted to the Federal Statistics Service and to the tax authorities within three months after year’s end. Russian legislation may also require submissions to other authorities.
Interim financial statements should be prepared on time and submitted to authorities mentioned in Russian legislation (for instance, the financial statements of insurance companies and issuers). Furthermore, an entity may establish interim periods at its owners’ discretion.
Consolidated financial statements should be prepared according to International Financial Reporting Standards (IFRS) [Federal Law No 208-FZ “On Consolidated Financial Statements”].
Securities issuers should publish standalone financial statements.
Consolidated financial statements must be published.

 
 

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