The Forum on International Financial Reporting Standards took place in the State Kremlin Palace on 24 January 2007. The event was organised by the company B2B Media and the journal IFRS: the practice of application (MSFO: praktika primeneniya), in partnership with our company. The IFRS Forum in the Kremlin brought together almost 1,500 participants from all regions of Russia, representing the management of companies in various sectors of the economy — that already prepare their financial reporting in accordance with IFRS or are considering the transition to IFRS — as well as professional auditing and accounting associations, consultants and instructors.
The significance of the event was recognised by the Ministry of Economic Development and Trade of the Russian Federation: the welcoming address was delivered by Deputy Minister K.G. Androsov. He emphasised that the issues of increasing the transparency of information and refining the system of accounting and financial reporting of Russian companies were particularly important to the Russian Economic Ministry at the present time. He expressed the hope that the event would foster a detailed and comprehensive analysis of the existing problems in the spheres of accounting, taxation and financial reporting in the Russian Federation, and that it would foster approaches to resolving them.
Participants examined the following important issues within the framework of the forum:
- the main changes in international financial reporting standards and their impact on the practice of accounting;
- challenges facing Russian companies in the transition to IFRS;
- the benefits of independent financial reporting in accordance with IFRS;
- analysis of complex issues in accounting and preparation of financial reporting;
- the changing role of finance specialists.
Leading professionals shared their experience of preparing financial reporting in accordance with IFRS and led discussions of the complicated matters of consolidation, asset recognition, automation, personnel training, prospects for the development of IFRS and much more. Presentations were given by representatives of Evrazholding, the gold-mining company Polyus and others.
Alla Saltykova, Senior Manager at PricewaterhouseCoopers and Deputy Team Leader of the EU funded TASIS Project working group “Implementation of accounting and financial reporting reforms in the Russian Federation”, gave a presentation at the plenary session of the forum. Her report analysed the possible ways that Russia can learn from the European experience of implementing IFRS. Alla described in detail the activities of the TASIS Project, which makes provisions for a systematic approach to implementing accounting and financial reporting reforms in Russia.
Andy Tyler, Director of the Client Training Department, conducted a seminar within the framework of the forum on the theme “Transition to independent financial reporting in accordance with IFRS”, which generated great interest among attendees of the forum.
