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Vitaly Paliy, the Head of the Working Group of NSFO, |
The Round table concerning the issues on the transition to IFRS started operating in 2004. It was co-sponsored by the "National Organization for Financial Accounting and Reporting Standards" and the Higher School of Economics. The Round table discussion is designed as a field for the introduction of IAS in Russia and as the centre for the exchange of experiences in relation to the application of advanced technologies in financial and management accounting. The Round tables involve the participation of government officials, leaders of the accounting and financial services within the major Russian companies, auditors, analysts, academics and journalists of business and professional publications.
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Tatiana Krilova, |
On December 18, 2007 the NOFA Foundation organized the Round table «The first results of International Accounting Standards enforcement abroad». The main speaker was Tatiana Krilova, the member of the Managing Board of the NOFA Foundation. Tatiana Krilova introduced to the Round Table participants the draft of the review document «The first results of International Accounting Standards enforcement abroad».
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Ian Angstrom, |
November 28, 2007 The National Organization for Financial Accounting and Reporting Standards organized the Round Table, which was devoted to the current issues concerning the development and enforcement of International Accounting Standards around the world. The Round Table was held in the Higher School of Economics on November 28th 2007. The main speaker of the event was Ian Angstrom – the member of the International Accounting Standard’s Board.
Ian Angstrom made an interesting and comprehensive presentation, which illustrated the current situation of transition to the international conventions of financial reporting around the world. Moreover, the member of the IASB informed the participants of the Round Table about the structure, method and policies of the International Accounting Standards Board.
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Mikhail Kiselyov, the Chairman of the National |
On September 18, 2007 the Round Table on Project Discussion «IFRS for small-sized and medium-sized enterprises» was organized by the NOFA Foundation. During opening of the Round Table, Mikhail Kiselyov, the Chairman of the National Accounting Standards Board of the NOFA Foundation, pointed to the importance of the Discussion topic. SME play significant role in the Russian economy. The financial stability, accessibility to the outside financing and other important aspects of SME activities depend on how the process of Accounting and Financial Reporting is implemented within SME.
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Elena Avakyan, the Head of Administration Department |
April 18, 2007 Due to the reform of accounting and reporting, amendments to the civil and other legislation were drafted during the Round table discussion on "The Accounting Legislation within the Legal System of the Russian Federation». Elena Avakyan, the Head of Administration Department at the Supreme Arbitration Court of the Russian Federation, noted in her speech the necessity for adopting a framework law governing the financial reporting standards in the Russian Federation and creating an industry self-regulating system. All other rules and regulations of the financial statements should be imposed solely by the standards developed and adopted by a single non-government entity. The status of the legal act is given to the standard in accordance with the decisions taken by the authorized government agency. The standards will provide a conceptual framework, and be the basis for the resolution of all disputes in the field of financial accounting and reporting.
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Natal'ya Bushmeleva, Project Manager |
November 2, 2006 Proposed revisions to the Accounting Regulations "Accounting for income taxes" PBU 18/02 were put forward at the Round table, organized by the "National Organization for Financial Accounting and Reporting Standards",. The conceptual approaches to changes in the PBU 18/02 were developed jointly by the NOFA Foundation and the Institute of Professional Accountants of Russia.
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| Michael Kruch, the member of the Financial Reporting Standards USA |
September 19, 2006 Michael Kruch, the member of the Financial Reporting Standards USA was specially invited to attend the meeting on "Issues in existing and emerging US GAAP". Mikhail Kiselev, the Chairman of the National Accounting Standards Board of the NOFA Foundation, opened the Round table: "Accounting Standards Board of NOFA Foundation recently initiated a project for the development of Russian financial reporting standards comparable to IAS. The successful and long-standing experience in National Accounting Standards of other countries is extremely relevant for us. The scope of today's Round table is to find out about the new events with respect to US GAAP; the Council’s working procedures in connection to the UAS Standards; the prospects and problems of development of American standards. Michael Kruch described the basic processes happening in line with improvement of the US GAAP – those processes are codification and convergence with IFRS.
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Hans Georg Bryunsa, the member of the (IASB). |
June 8, 2006 The Round table discussion was held with Hans Georg Bryunsa, the member of the International Accounting Standards Board (IASB). His report was dedicated to the analysis of the status of IFRS projects with regard to the following: the extractive industries and small-size and medium-size businesses; IFRS 3 "The Combination of Enterprises"; IASB ideas in respect to financial reporting, revenue recognition, evaluation and the FASB approach to fair value.
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Igor Kozyrev, Member of the NOFA |
November 17, 2005 the NOFA Foundation introduced the Round table draft outlining the enforcement of Financial Reporting Standards in the Russian Federation, prepared by a working group led by Mikhail Kiselev, the Chairman of the National Accounting Standards Board of the NOFA Foundation. The enforcement of financial reporting standards consists of the companies’ self-control, independent auditing, and oversight bodies, which decisions are made public and penalties for violations. The Working Group on preparation of the Concept found that the bodies exercising effective control over the quality of financial reporting and an effective system of sanctions for accounting irregularities are absent in Russia. The Concept contains a number of measures which will base the foundations for the provision system of the financial reporting standards in the Russian Federation.
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Igor Suharev, Deputy Director of the |
October 13, 2005 The Round table participants introduced an analytical report “The effect of the introduction of IFRS in the Russian Federation to related areas of government regulation”, prepared by a working group under the leadership of Igor Suharev, Deputy Director of the Accounting Consulting Department of FBK Company. The purpose of this report is to study the possible impact of the introduction of IFRS on regulation of the stock market, the building of economic policy, government statistics, the anti-monopoly regulation and control failures. This report is a continuation of a series of analytical work of NSFO in respect to finding the most effective ways to reform accounting and financial reporting in the Russian Federation. The Round table participants noted that, as a whole, the transition to IFRS would have a positive impact on the related areas of state regulation.
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Mikhail Orlov, the Chairman of the Advisory Board of |
September 15, 2005 The analytical report "Tax effects of the transition to IFRS" was introduced for discussion at the Round Table. The report was prepared by a working group of the NOFA Foundation led by Mikhail Orlov, the Chairman of the Advisory Board of Tax Law in the State Duma's Budget and Taxes Committee. The Drafters of the report concluded that the separation of accounting and tax records is a necessary step towards optimization of the introduction of IFRS in the Russian Federation.
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| Andrey Burenin, chairman of the Management Board of the NOFA Foundation Mikhail Kiselyov, the Chairman of the National Accounting Standards Board of the NOFA Foundation |
July 7, 2005 The draft law “Regulation of accounting and financial reporting”, prepared by the working group of the NOFA Foundation was discussed at the Round table. The Act is intended to replace the current law «Accounting record». The draft law seeks to shift the regulatory accounting and financial reporting in the Russian Federation. The new system suggests the strengthening of the expert community’s position in its role to protect the rights of investors to obtain quality information. Mikhail Kiselyov, the Chairman of the National Accounting Standards Board of the NOFA Foundation, provided the Round table with the concept of regulatory accounting and financial reporting, supporting key provisions in the draft law.
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| Vitaly Paliy, the Head of the Working Group of NSFO |
December 16, 2004 The Round table was held with the aim of discussing the main provisions of the new draft of the law «Accounting record». Professor Vitaly Paliy, the Head of the Working Group of NSFO on preparation of the draft law and the member of the Expert Council of NSFO introduced the conceptual draft of a new law "Accounting record" developed by the NOFA Foundation.
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| Robert Garnett, the member of the IAS |
November 25, 2004 Robert Garnett, the member of the IAS, spoke at the Round table concerning the following issue "Improving international standards and the transition to IFRS." He outlined the plans of the Committee on the Development of Standards, noting that the convergence of IAS and GAAP is subject to completion by 2007. The objective of this process is not to establish a single standard, but to eliminate the differences arising in the principles and basic rules when applying those standards. Robert Garnett also presented a draft of the standard for extractive industries. The daft was issued by the Working Group of IASC.
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| Kurt Ramin, the Commercial Director of IASC Foundation |
November 23, 2004 Kurt Ramin, the Commercial Director of IASC Foundation, introduced the topic of the first round table: "Corporate reporting using eXtensible Business Reporting Language (XBRL) - extensible language for business reporting."
