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GAAP.RUNewsCB of Russia wants to fight with “window dressing”

CB of Russia wants to fight with “window dressing”

Publication date: 9 April 2010

Here we refer to “window dressing” as the deceptive practice of making one’s accounting records look better than they are. The Central Bank of the Russian Federation proposed to create a separate section on the official website of the Federal Tax Service (FTS) to contain quarterly financial accounts of legal entities.

In order to fight with “window dressing”, chairman of Central Bank of the Russian Federation (CB, the Bank of Russia) Sergei Ignatiev proposed to keep quarterly accounting records (financial accounts) of legal entities at the Federal Tax Service’s (FTS) official website – the proposal was made at the meeting of the Association of Russian Banks.