Askold Birin, FBK Partner, took part in “The Moscow Times” Conference on IFRS

At the conference on the international standards of financial reporting arranged by “The Moscow Times” newspaper with the representatives of the leading Russian companies, Askold Birin, FBK Partner and Chairman of the National Accounting Standards Council under the NOFA Foundation, made a report on “Shifting to IFRS. Problems of introducing the international standards.”

The expert pointed out, in particular, the latest changes in the legislation to expand the scope of organizations subject to the ISA reporting. “The growing number of companies reporting under the ISA and the reduced period of preparation of such statements requires all the participants in the process to enlist their effort”, noted Askold Birin.

Among the key IFRS topics of the year the representative of the NOFA Foundation mentioned the loss of value test (in connection with the aggravating forecast for the country social and economic development), the selection of financial tools standard (as today there are three concurrent documents in effect in that sphere), working at the statement disclosure and proceeds under the contractor’s agreements, working at MD&A.

A.Birin, who had several meetings with the IASB in London last week, shared with his colleagues the news of the International Accounting Standards Board, whose members are in charge of the IFRS development and publication as well as the approval of the IFRS interpretations. According to the speaker, there is a delay in the development of the lease standard. “Judging by the truly opposite approaches to the project, as exposed, it is hardly likely to appear before 2015, at the earliest,” noted A.Birin. Among the positive news – the IASB confirmed their willingness to work at the supporting documents, such as the essential principles of conclusions and the application guidelines. “The attitude of the drafters to the translation of these materials is changing: all have come to understand the significance of this process. The supporting documents are very important for decision making. And the legally binding use of IFRS without any supporting materials can be extremely difficult,” resumed Askold Birin.