Beginning with March of 2012 the NOFA Foundation held negotiations with the IFRS Foundation on signing an agreement for conducting IFRS translation into Russian. A Review Committee was set up in the course of preparatory work on the agreement. Besides members of the National Accounting Standards Board the Review Committee includes representatives of such countries as Kazakstan, Kyrgystan and Republic of Belarus, where the Russian language has the status of official. On October 1, 2012 an agreement for conducting IFRS translation into Russian was signed between the NOFA Foundation and IFRS Foundation.