The transfer of Russian companies to IFRS was on the session agenda.

"Clearly, accounting principles and requirements in Russia should not differ from the widely accepted. If we keep on developing on our own terms, this will lead us nowhere", said Medvedev.

"The Ministry of Finance should continue the effort and draft proposals on wider implementation of international accounting standards. This is crucial for the development of an IFC. The task is important, it is long overdue and I hope that the proposals will really hit the spot”, said the Prime Minister.

He also stated that IFRS can be applied in parallel with RAS (international standards for consolidated reporting, and national standards for selected companies).

Project Group №1