On November 23, 2011 the National Organization for Financial Accounting and Reporting Standards held the Round Table “Practical issues of IFRS implementation in the Russian Federation”. The event was co-sponsored by the National Organization for Financial Accounting and Reporting Standards and Delloite CIS and supported by the Ministry of Finance of RF. On November 23, 2011 the National Organization for Financial Accounting and Reporting Standards held the Round Table “Practical issues of IFRS implementation in the Russian Federation”. The event was co-sponsored by the National Organization for Financial Accounting and Reporting Standards and Delloite CIS and supported by the Ministry of Finance of RF. Among the issues discussed at the Round Table was implementation of the Federal Law on Consolidated Financial Reporting and issues arising in the course of preparation to IFRS application for consolidated financial reporting. These issues include, in particular, definition of organizations covered by this law, definition of reporting subjects, the volume and composition of the first reporting according to IFRS, methodology of the first reporting, audit of IFRS-consistent reporting, its presentation and publication. The participants of the Round Table noted the importance of a modern search of decision of the above-mentioned issues for consistent and correct application of IFRS by Russian compilers, auditors and surveillance bodies. They expressed concern of the level of qualification of the reporting compilers and users, especially auditors. It was considered reasonable to continue discussion of these issues.