"Financial reporting control is in its formative stage. We cannot say that today`s level of reporting oversight is satisfactory", said Department Director. He noted that the level of reporting oversight is higher in banking. "Our key aim is to improve financial reporting oversight across different businesses, mainly non-banking", said Schneidman.

On Tuesday, Minfin presented the results of an international survey of corporate reporting in Russia, taken in April-August 2012 as part of Russian companies` transition to IFRS.

The assesment was based on UNCTAD (United Nations Conference on Trade and Development) criteria in three main aspects: regulatory environment, institutional base and human resources.

Marks for Russia`s legislative base exceeded 71%, financial reporting and audit regulation were marked 77,7% and 73,8% respectively. Corporate reporting institutional base was marked slightly above 68%. Human resources base for corporate reporting were estimated at over 79%, according to Minfin.

Low grades were given for legislative base in ecology and social reporting, as well as corporate management reporting (14,3%). The weakest link in the institutional base was coordination of regulation and oversight in corporate reporting (33,3%).

Minfin proposed further integration of accounting and reporting with IFRS, fixed IFRS translation into Russian, potential IFRS introduction for small and medium-size enterprises.

It has been reported earlier that Russian companies will begin to submit Russian-language IFRS reporting in 2013. From 2015, IFRS will be mandatory for companies trading their debt.

These timeframes are "non-negotiable", confirmed Schneidman.

Project Group №1