Publication Store

In this issue:  

• New Law on Accounting: A Revolution in Russia?
• Profile of an Accountant: Historical and Modern

In this issue of Russia Briefing, we look at Russia’s accounting “revolution.” The new Law on Accounting that passed the parliament in December 2011 and comes into force January 2013 is nothing short of revolutionary. Combined with the dramatic changes in accounting already underway in Russia, including the introduction of obligatory provision calculations in 2011 and automatic document exchange in 2012, the new law can be considered a breakthrough for further improvement in accounting in Russia.

First, we look at the key points of the new Law on Accounting, including a flow diagram for automatic document exchange, examples of an acceptance protocol document, a VAT Faktura Invoice, and a free format accounting document.

We also include comparison tables for:

• Russia Accounting Standards, Russia Tax Accounting, and International Financial Reporting Requirements (IFRS)
• Russia Accounting Standards and their Equivalent IFRS Standards
• Old Accounting Law and New Accounting Law

Next, we paint a profile of Russian accountants – why they are historically more tax experts than statutory accounting specialists and define the characteristics that modern accountants should have; i.e. an understanding of business processes, an awareness of automated document handover, and an understanding of international corporate structure.

Finally, we address the question of what’s left to do in 2012 to prepare for the new Law on Accounting.

The content of this magazine was compiled by SCHNEIDER GROUP (RUSSIA CONSULTING) staff in Russia.