On February 19, 2015 the Ministry of Finance of the Russian Federation and NOFA Foundation carried out a round table "The future of financial statements of the legal entity: national standards or IFRS?". About 100 representatives of users and compilers of financial statements, public organizations of business community, professional institutes of accountants, auditors and self-regulating organizations of auditors, representatives of the Ministry of Finance of the Russian Federation, Ministry of Economics of Russia, Rosstat, Federal Tax Service of Russia, Bank of Russia, scientific community took part in it.

According to the Concept of development of accounting and reporting in the Russian Federation in medium-term perspective approved by the order of the Ministry of Finance of the Russian Federation of July 1, 2004 No. 180 two sets of standards are applied for drawing up financial statements of organizations in the Russian Federation: the federal standards based on IFRS – for the reporting of legal entities and IFRS as such – for consolidated financial statements. Organizers of the round table suggested participants to estimate relevance of this approach based on their experience of application of IFRS and current economic conditions.

During the round table the participants exchanged opinions on all aspects of this issue. The speakers discussed what hampers the direct application of IFRS for drawing up financial statements of the legal entity. There were considered benefits for an economic entity from drawing up financial statements of legal entity in accordance with IFRS. They also defined the parties which will receive benefits from drawing up financial statements of the legal entity in accordance with IFRS. The audience expressed various opinions regarding the extent to which today's Russian rules of accounting differ from IFRS. Some participants of the round table shared vision of why at proximity of requirements of the Russian standards and IFRS the prepared financial standards significantly differ. There was raised at the round table the issue of potential influence of IFRS financial statements on tax accounting. Opportunities and obstacles of fragmentary application of IFRS were discussed as well.

Discussion concerning prospects of application of IFRS for the preparation of financial statements of the legal entity will be continued.