On April 12, 2011 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 of RF presented drafts of four accounting standards. On April 12, 2011 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 of RF presented drafts of four accounting standards. 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 90 experts participated in the Round Table including representatives of the Finance Ministry of RF, the Russian Chamber of Commerce, major enterprises such as Lukoil, Mechel, Severstal, Norilsky Nikel, Novolipetsk Steel Joint Stock Company, TNK-BP, Rosneft, Prof-media, RUSNANO, RAO UES 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, MGIMO, Ural State University, professional public unties, appraisers and analysts. It was announced at the Round Table that the scientific research work on the development of four accounting standards on remuneration, leases, fixed assets and inventories had been completed. The Round Table was opened by Igor Kozyrev, the Chairman of the Managing Board of the NOFA Foundation and the Chief accountant of Lukoil Joint Stock Company, who pointed out that the convergence of Russian and international accounting standards was the main task of the accounting profession current development. Russia should be at the head of this process which will lead to transparency and optimization of tax accounting. Askold Birin, the Chairman of the Round Table noted that in spite of the work done, the present practice of accounting standards development does not take into account the opinion of the professional community. The best example of coordination with the professional community was set by the IASB. As the result of this practice all the documents can be completed or drastically changed on demand of the first-hand users of accounting reports. Winding up the Round Table discussion the participants noted the importance of the developed draft standards and the necessity of their speedy implementation.