On Friday, MinFin published a draft order introducing amendments to its November 2011 plan to develop IFRS standards in Russia.
According to the document, for bond issuers, the deadline for mandatory IFRS reporting was shifted to 2014 from 2015. Starting from 2015, the most significant unified state companies, firstly infrastructure and backbone companies, need to publish IFRS reports. Also, according to the document, IFRS reporting for all investment funds, non-state pension funds, asset management companies (of investment funds, mutual funds, and non-state pension funds), clearing houses, exchange intermediaries, and brokers need to be introduced in 2012–13 (instead of 2013–15). Also, starting from 2014, mandatory quarterly IFRS reporting is set to be introduced. We welcome these initiatives and see them as further progress towards increasing the transparency of Russian businesses and the improvement of corporate governance.
Alexey Zabotkin, Sergey Galkin, Ilya Piterskiy
VTB Capital analyst
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