“National Organization for Financial Accounting and Reporting Standards” Foundation was established in October 2003 to facilitate the implementation of generally accepted and internationally used financial accounting and reporting forms, rules and standards into economic activities practice in the Russian Federation within the framework of encouraging the integration of the Russian Federation into the world economic community.

The NOFA Foundation sees its mission in stimulating high-quality long-term growth in the Russian Federation by establishing the institution of financial reporting adequate for making effective economic decisions.

The Foundation is a non-government organization bringing together representatives of all the professions relating to the preparation, audit and use of financial statements, as well as representatives of regulators.

 

Currently only in 18 countries out of 133 financial reporting standards are adopted by government agencies, and in 115 they are set by public organizations. 6 out of these 18 countries are former Soviet republics, 6 are former socialist countries and only 3 countries are members of the Organization for Economic Cooperation and Development (in fact, the procedure of developing accounting standards in these three countries is regulated by public organizations in cooperation with Governments).