The Ministry of Finance announced the desire of business to review the application of IFRS

The Ministry of Finance of Russia is receiving more and more proposals from businesses to reconsider the use of International Financial Reporting Standards (IFRS) as the standards for preparing consolidated financial statements. The department conducts a survey, based on the results of which it will develop a position in the work on IFRS.

IFRS is a set of guidelines for financial accounting and reporting for companies. Their main goal is to maintain stability and transparency in financial reports.

In mid-July, the Ministry of Finance sent questions to Russian companies on the application of IFRS. They must submit a response by August 12. As stated in the letter got acquainted Vedomosti and some individuals (not named) believe that under the current conditions it is inappropriate to use IFRS as a standard for preparing financial statements and the basis for developing Russian accounting standards.

“Now the question is being raised about the need for the preparation of consolidated financial statements by Russian organizations,” the Ministry of Finance noted. “In order to evaluate incoming proposals, the department is conducting a survey in the format of collecting the opinions of interested persons, the results of which will develop the position of the ministry on these issues,” the department noted (quote from Interfax).

Julia Abugalieva