FBK – the Coordinator of International Appraisal of Corporate Reporting Infrastructure in Russia

FBK acted as the coordinator for international appraisal of corporate reporting infrastructure in Russia organized on the initiative of the RF Ministry of Finance. 

In total 13 government and non-government bodies and organizations, non-profit partnerships and audit and consulting firms, including the Ministry of Finance, the Ministry of Economic Development, the Federal Financial Markets Service, the Federal Service of Financial and Budget Supervision, the Central Bank, the National Financial Reporting Council (NSFO), the Audit Chamber of Russia, Moscow Chamber of Auditors, the Institute of Professional Accountants and Auditors of Russia, the Unified Certification Commission autonomous noncommercial organization, KPMG Company, PricewaterhouseCoopers, Ernst and Young and Deloitte. 

The appraisal was based on the methods developed by UNCTAD and recommended for use by the UN Intergovernmental Working Group of Experts in the International Standards of Financial Accounting and Reporting. The evaluation process was focused on the general status of the national infrastructure of financial and non-financial corporate reporting preparation as well as all its elements, including the legal framework, institutional basis, human resources, accounting and reporting in the public administration sector. The data obtained were compared against the milestone indicators which were determined on the international standards basis. 

On the whole the appraisal confirmed the availability of a developed national infrastructure of corporate reporting and a rather high degree of its correspondence to the international standards. At the same time, based on the results of the appraisal the experts proposed a range of measures to be implemented in order to continue the development of legal regulation in this field.