Russian companies will have to report their financial figures according to both - Russian and International standards by 2015.
The news came from today’s meeting at the Ministry of Finance, devoted to the plan to adopt IFRS reporting in Russia. According to Finance Minister Anton Siluanov the move is good for Russian companies given that international standards are recognized around the world and are taken as an important indicator of stability, credibility and transparency of management.Local standards are often ignored by investors and foreign credit institutions as they are considered uncertain and sometimes irrelevant.Russia has already decided IFRS standards will be recognised within the country by the end of the year, and companies will have to use international reporting by 2015.Leonid Shneidman, Head of Financial Control at Russian Ministry of Finance says change will improve the investment climate and make it easier for companies to attract finance.