Law on Consolidated Financial Statements Was Enacted

An important step was taken to unify Russian and international financial statements.

Consolidated financial statements mean systematized information reflecting financial status, financial results of business and modification of financial condition of a company (companies) and/or foreign entities (groups of entities) determined in accordance with IFRS.

Consolidated Financial Statements shall be prepared, filed and published by credit institutions, insurance agencies, issuers of securities listed at stock exchanges, companies obliged to do the foregoing by federal laws or constitutional documents.

Consolidated Financial Statements shall be prepared in accordance with IFRS.

Credit institutions shall file consolidated financial statements to the Central Bank. Other companies shall file them to the authorized federal executive body.

Annual consolidated financial statements should be published in the Internet or in mass media available for all interested users.  Auditor's opinion shall be published or filed together with the consolidated financial statements.

All obligations related to the consolidated financial statements shall arise starting from a reporting year following the year in which IFRS shall be considered applicable in Russia.

See: Federal Law No. 208-FZ "On Consolidated Financial Statements" dated July 27, 2010