Alinga Consulting Group
Business Support & Consulting
Russia Introduces Amendments to IFRS Standards
The new changes establish fundamental principles that underlie the preparation and presentation of accounting and financial reports for external users. Specifically, this includes a number of amendments to such standards as IFRS 2 Share Based Payments, IFRS 6 Exploration and Evaluation of Mineral Resources, IAS 1 Presentation of Financial Statements, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and many others.
These changes are listed within RF Ministry of Finance Order No. 220n of 30.11.2018 “On introducing a document of international financial reporting standards into action on the territory of the Russian Federation.”
The document comes into force for voluntary use - from the date of its official publication, that is, from 11/19/2018, and for mandatory application - from 01/01/2020.
Translated by Alinga Consulting Group.
Questions? Ask Alinga's Experts!