The delegation of the Ministry of Finance of the Russian Federation and the NOFA Foundation as represented by Director of the department of the Ministry of Finance of the Russian Federation L. Z. Shneidman and member of NASB of the NOFA Foundation M. E. Makarevich took part in the fifth meeting of Emerging Economies Group of IASB.

The delegation of the Ministry of Finance of the Russian Federation and the NOFA Foundation as represented by L. Z. Shneidman, Director of the Department of regulation of the state financial control, auditor activity and accounting of the Ministry of Finance of the Russian Federation and M. E. Makarevich, member of NASB of the NOFA Foundation took part in the fifth meeting Emerging Economies Group of IASB which took place on May 30-31, 2013 in Seoul (Republic of Korea). Members of Group from the People's Republic of China, India, Indonesia, South Korea, Malaysia, Saudi Arabia, Turkey, the Republic of South Africa, and also the vice-chairman and two members of IASB participated in meeting.

The accounting of rate-regulated activities became the main subject of the meeting of the Group. Participants of the meeting discussed possible contents of the corresponding international standard and the area of its application. The special attention was paid to the accounting of the assets arising in the course of such activity. Questions of identification and recognition of the specified assets, structure of disclosed information were considered during discussion. It is noted that the solution of these issues in many respects is defined by nature of the regulation, methods applied for this purpose. Representatives of IASB informed participants of the meeting about status of work on the draft of the corresponding international standard.

Participants of the meeting also exchanged information and opinions regarding accounting for goodwill, accounting for issue of securities at "double" prices, definition of the discounting rate for IFRS (IAS) 19, elimination of profit share at application of IAS 28.

In the course of discussion of organizational questions, it was emphasized that meetings of the Group became within IASB a forum for considering important issues of financial statements from the point of view of developing economy. In future, the main efforts of the Group will be concentrated on the analysis of the agenda of IASB and research projects carried out due to requirements of developing economy, and also on development of potential solutions of IFRS application issues arising in developing economy.

Results of the meeting will be used in the work of IASB. The following meeting of the Group is planned for December, 2013.