Accounting in Russia
- Accounting Standards
In Russia, accountancy is mainly interpreted as the rules defining the way of keeping accounts books.
It is governed by the Russian accounting standards (RAS in English), which are different from international standards.
- Accounting Regulation Bodies
Ministry of Finance
Russian Central Bank
- Accounting Law
Accountancy is defined in Russia by the State rather than by professional organizations.
The Russian accounting framework is defined at three levels:
- The Law on Accounting, the civil code and other laws;
- The Russian Accounting Standards (RAS) defined by the Ministry of Finance and the Chart of Accounts ;
- The accounting standards governing the banking and finance sectors developed by the Central Bank.
- Difference Between National and International Standards (IAS/IFRS)
- The Russian accounting procedures are continuing their convergence with the IFRS standards but there are still notable differences between RAS and IFRS standards.
- Tax Year
- From 1 January to 31 December.
- Accounting Reports
Company annual accounts must be composed of:
- a balance sheet,
- a profit and loss account,
Small companies can produce simplified accounts.
- Publication Requirements
- Only certin companies (insurance or joint-stock companies) are requested to publish their accounts (with an audit).
- The term accountant is generally applied to those working inside the company. Outside contributors are called auditors.
Due to the importance of the State in the accounting system, accountants' associations are having difficulty getting organized. At the present time, they are trying to federate under the aegis of the Eurasian Council of Certified Accountants and Auditors (ECCAA) to organize a certification program.
- Professional Accountancy Bodies
Russian institute of professional accountants
International association of accountants and auditors
CIPA, International certification program for professional accountants.
- Member of the International Federation of Accountants (IFAC)
- Russia is a member of the International Federation of Accountants (IFAC).
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