These are amendments to the Consolidated Financial Reporting Act, as stated in the draft revision of the 2011 IFRS Accounting and Reporting Development Plan.

It has been reported earlier that on 8 November, the Russian Government considered and approved measures proposed by Minister of Finance Anton Siluanov to expedite Russian companies’ transition to IFRS and wider implementation of these standards.

The Ministry of Finance and federal executive bodies will amend the IFRS Accounting and Reporting Development Plan 2012-2015 accordingly and report to the government by 1 December 2012.

Amendments to the Consolidated Financial Reporting Act are to be drafted in 2012-1013, not until 2015 as planned. These amendments introduce IFRS in consolidated financial reporting of investment funds, private pension funds, asset management companies, mutual investment funds, clearing houses, brokers and intermediaries.

Mandatory IFRS reports compilation and posting by key Unitarian Companies, primarily infrastructure, will be introduced in 2015.

The plan foresees the establishment of an Accounting Standards Council in 2013, with federal accounting standards program drafted and approved the same year.

Hence, the existing accounting and financial reporting regulations are to be made IFRS compliant a year earlier - in 2014.

In 2013, draft amendments are planned for the Auditing Act, in view of the transition to IFRS in the Russian Federation.

Due in 2013-2014 are proposals on improved state oversight in financial reporting, and planned for 2014 are guidelines on internal control in accounting and financial reporting.

Project Group №1