A significant number of International Financial Reporting Standards and Interpretation thereof is enacted in the Russian Federation

All in all there are 37 IFRS and 26 IFRS Interpretations elaborated and approved by the International Accounting Standards Foundation are enacted in the Russian Federation.

The recognized IFRS include:

• International Accounting Standard (IAS) 1 "Presentation of Financial Statements";
• International Accounting Standard (IAS) 7 "Cash Flow Statement";International Accounting Standard (IAS) 8 "Accounting Policies, Changing in Accounting Estimates and Errors";
• International Accounting Standard (IAS) 11 "Construction Contracts";
• International Accounting Standard (IAS) 12 "Income Taxes";
• International Accounting Standard (IAS) 16 "Property, Plant and Equipment";
• International Accounting Standard (IAS) 17 "Leases";
• International Accounting Standard  (IAS) 18 "Revenue", etc.

Further, the following IFRS Interpretations were enacted, specifically:

• Summaries of Interpretation (SIC) 25 "Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders";
• Summaries of Interpretation (SIC) 27 "Evaluating the Substance of Transactions in a Legal Form of a Lease";
• IFRIC Interpretation (IFRIC) 10 "Interim Financial Reporting and Impairment";
• IFRIC Interpretation (IFRIC) 15 "Agreements for the Construction of Real Estate".
• Summaries of Interpretation (SIC) 29 "Disclosure - Service Concession Arrangements";
• Summaries of Interpretation (SIC) 31 "Revenue - Barter Transactions Involving Advertising Services", etc.

IFRS and IFRS Interpretations shall become effective in the Russian Federation on the date when they are officially published in Buhgalterskiy Uchet journal. Documentation on international standards shall be recognized in the Russian Federation in compliance with procedure established by Decree of the Government of the Russian Federation No. 107 of 25 February 2011.