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11.04.2024
EXPLANATIONS FROM THE MINISTRY OF FINANCE ON INNOVATIONS IN FINANCIAL STATEMENTS
The Russian Ministry of Finance has prepared clarifications concerning application of FAS 4/2023 Accounting Reports. FAS 4/2023 will operate instead of PBU 4/99 Accounting statements of an organisation. After FAS 4/2023 comes into force, the provisions of other acts regarding accounting (for example, Regulations No. 34n, issued in 1998, on Accounting and Reporting) should to apply in as much as they are not contrary to FAS 4/2023.
The significant innovations in the rules of accounting, rules for drawing up a balance sheet, a statement of financial results, a statement of changes in capital, rules for drawing up explanations, and accounting for a non-profit organisation are provided.
Organisations must apply FAS 4/2023 from accounting records for 2025. The possibility of early application of the standard is not provided.
 

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