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Accounting and accounting rules in Russia

Accounting Rules

Tax Year
From 1 January to 31 December.
Accounting Standards
In Russia, accountancy is mainly interpreted as the rules defining the way of keeping accounts books. IFRS Standards became mandatory for the filing of consolidated financial statements by domestic and foreign companies in 2012. Russian Accounting Standards (RAS), which are converged to a great extent with IFRS, are required for standalone statements. SMEs currently use accounting standards issued by the Ministry of Finance.
For further information, consult the ICAEW website.
Accounting Regulation Bodies
Ministry of Finance
Russian Central Bank
Accounting Reports
Company annual accounts must be composed of:
- a balance sheet,
- a profit and loss account,
- notes.
Small companies can produce simplified accounts.
Publication Requirements
Only certain companies, such as insurance or joint-stock companies, are requested to publish their accounts with an audit.
Professional Accountancy Bodies
IPBR , Russian Institute of Professional Accountants
Certification and Auditing
Companies with an annual turnover greater than RUB 400 million or total balance sheet assets exceeding RUB 60 million in the previous year must have their financial statements audited annually. You can contact the Russian Institute of Internal Auditors.
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Latest Update: November 2022