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Central Bank Posts IFRS Transfer Plan for Non-Banks

22.01.2015 12:00 / MIFC

Non-banks IFRS accounting and reporting transfer plan has been posted on The Bank of Russia’s official website. The Bank of Russia states that the universal chart of accounts for non-banks is based on the standard bank chart of accounts with adjustments according to sector specifics.

By 2017, the Bank of Russia plans to complete the transfer of all financial market sectors to the universal chart of accounts and IFRS-based accounting standards in every industry, with the exception of microfinance, where accounting system automation and HR training will take more time. This sector is scheduled to switch to IFRS in 2018.

For the complete financial market sectors IFRS transfer chart (in Russian), please visit http://www.cbr.ru/sbrfr/?PrtId=msfo_report

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