The conference agenda focused on solutions for the year-end close amid evolving regulations, practical aspects of applying IFRS Accounting Standards (including IFRS 16, IFRS 17, and the newly introduced IFRS 18), the ongoing convergence of Russian accounting standards with IFRS Accounting Standards, the implementation of new Federal Accounting Standards, and their typical application errors. Special consideration was given to digital transformation: the use of AI in accounting, the automation of management and consolidated reporting, and the transition to domestic software. Other relevant areas included tax efficiency, sustainable development, M&A due diligence, and business expansion into Asia and the Middle East.
The event was opened by Anastasia Terekhina, Senior Partner at FBK. In her opening remarks, she highlighted that the ‘IFRS and Management Accounting – 2025’ conference once again united top experts in accounting, management accounting, taxation, and financial reporting. ‘This year's programme is content-rich and practice-oriented: it addresses today’s key challenges and provides participants with actionable guidance for high-quality preparation of 2025 reporting and a robust foundation for 2026’, she noted.
Natalya Belyaeva, Senior Manager of International Financial Reporting at FBK, FCCA, presented findings of a study on the convergence of RAS and IFRS accounting policies among Russian companies. Based on a sample of 75 issuers across 12 industries, nearly 32% of them (24 companies) already incorporate IFRS provisions into their RAS accounting policies.
Primary drivers of the convergence are represented by gaps in Russian accounting standards when it comes to certain transactions (e.g., financial instruments, hedging, pension programmes), the pursuit of a more reliable reflection of data (leases, deferred taxes), and the need to align with IFRS accounting policies to prepare disclosed consolidated financial statements.
According to the expert, IFRS principles are most frequently used in areas such as accounting for financial investments (including the equity method and fair value revaluation), classification of debt and equity, recognition of revenue from sales (agent vs. principal, financing component), and leasing (including sale-and-leaseback transactions).
The expert pointed out that converging accounting policies is not merely a matter of formal compliance but a strategic decision levelling up the transparency and comparability of reporting, especially in light of the anticipated enactment of new FAS. Successful unification of reporting preparation rules requires careful consideration of the specifics of accounting systems for calculation automation, staff sufficiency and qualifications, as well as potential tax implications of deviating from RAS rules.
Maria Semenova, FBK Legal Director, used the conference as a platform to discuss the relevance of enhancing tax efficiency at both operational, holding and ultimate beneficiary levels. Maria defined tax efficiency as legally minimising a company’s burden.
In her speech, Maria also dwelt on tools for improving efficiency at the operational level: using tax incentives, creating provisions, managing VAT deductions, and supply chain planning. Maria Semenova spoke about various options for structuring business within the Russian market. When choosing an asset ownership structure, vital are the beneficiary's strategy and business purpose for choosing a particular structure distinct from the desire to obtain tax savings.
Vladimir Skobarev, Partner, Head of FBK Corporate Governance and Sustainability Services, presented a report titled ‘Trends in Regulation and Standardisation of Sustainability Reporting in the Russian Federation’.
Vladimir focused on the development of a national non-financial reporting system, referencing methodological guidance from the Ministry of Economic Development, Moscow Exchange and the Bank of Russia requirements, and the draft Government Decree ‘On the Standard of Social Capital in Business’. He also noted the growing popularity of domestic approaches in the practice of reporting companies. Additionally, upcoming changes in methodologies for professional assurance of ESG reports in light of the new international standard ISSA 5000, effective for periods beginning on or after 15 December 2026, have also been touched on.
The third day of the conference moderated by Maria Karpova, Financial Credit and Non-Credit Institutions Industry, explored regional business specifics of CIS countries and the Middle East. International professionals shared insights on business development trends and the nuances of organising accounting, as well as tax accounting.
‘Conference participants engaged deeply on topics ranging from taxation and legal intricacies of doing business in the UAE, Uzbekistan, Kazakhstan, Belarus, and other countries. It was equally important to note national characteristics, the nature of the people, and their influence on conducting business’, noted Maria Karpova.
The conference was organised by Methodology Publishing House. The ‘IFRS and Management Accounting’ conference has been supported by FBK for many years, uniting reporting and management accounting practitioners to develop universal approaches to financial reporting and information disclosure in Russia.
