On September 18, 2012 at the Round Table held at the Higher School of Economics, the National Organization for Financial and Accounting Reporting Standards in association with the Finance Ministry presented for public comment draft accounting standards on leases and revenue.The Round Table was of great interest among the invited representatives of state bodies, professional public organizations and academic circles, heads of accounting and financial services, auditors, appraisers and analysts. More than 60 experts participated in the Round Table including representatives of the Finance Ministry of RF, the Russian Chamber of Commerce, major enterprises such as Aeroflot, Lukoil, Mechel, Severstal, Norilsky Nikel, Novolipetsk Steel Joint Stock Company, Rus-Gidro, TNK-BP, Rosneft, Prof-media, Russian Railways and banking organizations such as the Bank of Russia and Gasprombank, leading audit companies such as KPMG ltd., Ernst and Young, FBK Company, BDO Russia, Deloitte and academic circles such as Finance University under the Government of RF, Higher School of Economics, Moscow State University, professional public unities, appraisers and analysts.
The Round Table was opened by Director of the NOFA Foundation Irina Krasilnikova, who reminded the participants of the Round Table that the NOFA Foundation had participated in the scientific research work on the development of the standards under discussion. Last year these standards were already discussed by the public but since that time they were updated and coordinated with other accounting standards and the experts of the NOFA Foundation decided that it was high time to present them for public comment again.Igor Sukharev, Head of Accounting and Reporting Department of the Finance Ministry welcomed all those present at the Round Table and emphasized the importance of public participation in the discussion of draft accounting standards. According to Igor Sukharev the draft PBU on leases is unique due to an attempt made by the developers of the standard to get ahead of time and to focus on a draft IFRS and not on the standard currently in force. Sukharev also noted that it was for the first time that the draft on revenue was exposed for public comment and stressed the importance to replace the outdated standard on revenue which had been in force for thirteen years.
During the consequent discussion Andrey Posselsky, a member of the National Accounting Standards Board, suggested that the participants of the Round Table speak out their opinion on whether it was time to adopt the standard under discussion as presented by Sukharev or wait for the adoption of a new IFRS on revenue.
Oksana Sukhareva who presented a draft standard on leases emphasized that the standard was aimed at the realization of principle of the priority of contents over form. Representatives of leasing companies called attention of the draft developers to the necessity of a transition period needed for revaluation of leasing companies’ portfolio.
Winding up the Round Table discussion, KPMG Partner Irina Sukhotina, who was a moderator of the Round Table, noted that the draft PBU on revenue was open to debate and invited all those present to make their comments via Minfin or NOFA web-site.
