Regulatory standards on accounting and reporting in the Russian Federation
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Russian Accounting Standards (RAS; Russian: Российские стандарты бухгалтерского учёта, РСБУ), also called Russian Accounting Principles (RAP) or Russian GAAP or GAAP (Russia), refer to the body of regulatory documents concerning financial accounting and reporting standards in the Russian Federation.[1]
For historical reasons, the Russian Accounting Standards framework has been determined by the state, rather by professional bodies.[2] The primary users of RAS are state and tax authorities, rather than management or third parties.[2] RAS financial statements must include balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.[2] Under RAS, a specific layout is mandatory for the balance sheet and other statements.[3]
The Russian government has been striving to harmonize Russian Accounting Standards with IFRS since 1998.[citation needed] The Law No. 208-FZ introduced IFRS into Russian legislation in 2010.[3] Since 2012, IFRS have increasingly been adopted in Russia, and they are mandatory for consolidated financial statements, while standalone financial statements must be prepared using RAS.[2] IFRS statements are also required for domestic public companies.[4] IFRS are generally deemed more relevant to the needs of investors.[5]
^"IFRS compared to Russian GAAP: An overview" (PDF) (Press release). KPMG International. October 2005. p. 7. Archived (PDF) from the original on 2012-04-07. Retrieved 2011-12-22.
^ abcd"Financial Reporting Framework in Russia". iasplus.com. Archived from the original on 2016-10-15. Retrieved 28 October 2018.
^ ab"IFRS, US GAAP and RAP: Comparison and basics" (PDF). EY. Archived (PDF) from the original on 2017-05-16. Retrieved 28 October 2018.
^"Russia". IFRS.org. Archived from the original on 2018-02-16. Retrieved 28 October 2018.
^Kim, Oksana (December 2013). "Russian Accounting System: Value Relevance of Reported Information and the IFRS Adoption Perspective". The International Journal of Accounting. 48 (4): 525–547. doi:10.1016/j.intacc.2013.10.007. S2CID 17175103.
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