The Federation Council, the Upper House of the Russian Parliament, has adopted the law on consolidated financial reporting. The document introduces general rules of preparation, submission and publication of the financial reporting of credit organizations and other public companies, as well as insurance companies.
According to the law, consolidated financial reporting shall be based on international standards of financial reporting and shall be prepared in addition to the accounting reporting of a company. The yearly consolidated financial reporting shall be provided to the company’s participants, including shareholders, before the shareholders’ meeting, but not later than 120 days after year end. It shall also be submitted to the authorized federal executive body, or to the Central Bank of the Russian Federation (by credit organizations) and is subject to obligatory auditing and publication.
D.C.