The Round Table caused a great interest among the invited representatives of state bodies, credit and insurance organizations, securities market participants, pension funds, professional unions and self-regulatory organizations. More than 70 experts participated in the Round Table including representatives of the Finance Ministry of RF, the Bank of Russia, the Federal Service for Financial Market and representatives of the NOFA Foundation. The Round Table was opened by Leonid Shneidman, Head of Accounting, Reporting and Audit Regulation Department of the Finance Ministry, who stressed that the government regulatory bodies are interested in IFRS development on the territory of the Russian Federation. Dmitry Weinstein, Member of the Management Board of the NOFA Foundation who was moderating the Round Table spoke about peculiarities of IFRS implementation in Russia. Tatiana Maiorova, Head of Economic Analysis Department of the Federal Service for Financial Market, summed up the preliminary results of IFRS-based reporting of insurance companies. Ms. Mayorova pointed out numerous mistakes and inaccuracies in financial statements and informed the participants about changes to be introduced into the Federal law on consolidated financial statements, aimed at expanding powers of the Bank of Russia in auditing the reports. Alla Ejova, expert of the NOFA Foundation focused on the problems the insurance companies are facing while preparing IFRS-based financial statements. First of all, there are mental problems which can be eventually overcome by practical implementation of international financial reporting standards. IFRS implementation implies knowledge of certain methodology while the professional community is not qualified enough to use this methodology. Compiling of consolidated financial statements can be referred to technical problems. Vladimir Volkov, Deputy Head of Accounting and Reporting Department of the Bank of Russia, informed the participants about a draft of a new document prepared by the Bank of Russia and devoted to information disclosure in an annual report. It is planned to introduce certain requirements to comply with IFRS, some of them are already published. Alex Bogopolsky, Deputy Head of Accounting and Reporting Department of Uralsib Financial Corporation focused on the problems of accounting of various financial instruments and application of some standards of the major professional participants of the securities market. Winding up the Round Table discussion, Dmitry Wunstein, a moderator of the Round Table, noted the efforts of the NOFA Foundation in coordinating with the IFRS Foundation and called on the accounting professionals to take an active part in IFRS development.