Federal law "On Accounting" is enacted

New Federal Law "On Accounting" No. 402 of 6 December 2011 aims at establishing uniform requirements to accounting, including accounting (financial) statements and forming of legal mechanism for the accounting regulation.

The scope of new law covers both profit making and non-profit making organizations, state bodies, local government bodies, regulatory bodies of state non-budgetary funds, the Central Bank of the Russian Federation, individual entrepreneurs, persons engaged in private practice, branches and representative offices of foreign and international organizations in the territory of the Russian Federation. The list of persons released from obligation to maintain accounting (individual entrepreneurs, persons engaged in private practice, branches and representative offices of foreign and international organizations provided that they maintain records of profits and expenses in compliance with the legislation on taxes and levies) pursuant of such law is also being established.

Simplified methods of accounting are provided for participants of Sklokovo project.

The law differentiates persons responsible for maintenance of accounting depending on whether they can maintain accounting independently (such persons are to meet specific requirements), or are obliged to engage special employees, officials or organizations to do it.

This law also introduces such notion as accounting policy and establishes grounds for its amendment.

The list of documents comprising accounting (financial) statements was modified. A special procedure for preparation of accounting statements in the event of liquidation or reorganization of a legal entity is established.

A special chapter related to accounting regulation was added to the law where regulation principles, required documents, regulated entities were determined. A special body to carry out expert examination of the federal accounting standards is being formed.

The new law shall become effective on 1 January 2013.