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Organizations May Name Own Reporting Year Dates For Consolidated Financial Statements In Russia
Individual organizations may name individual dates for the beginning and end of the reporting year for the preparation of consolidated financial statements. This is allowed provided that the reporting year's duration is equal to the duration of the calendar year, except for cases when other federal laws stipulate that the reporting period for annual consolidated financial statements is a calendar year and/or such reporting is included in an organization’s annual report.
This is provided for in Federal Law No. 164-FZ of July 18, 2017 "On Amending Article 30 of the Federal Law "On the Securities Market" and Articles 3 and 4 of the Federal Law "On Consolidated Financial Statements." It came into force from the date of its official publication on July 19, 2017.
The specifics have been determined for calculating the first reporting year for the annual reporting, the reporting period and the first reporting period for interim reporting. Since according to the changes the annual consolidated financial statements can be drawn up for a period different from the calendar year, the requirement to include such reports in the quarterly report for the second quarter is excluded from the Securities Market Act.
Translated by Alinga Consulting Group.
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