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GAAP.RUNewsBank of Russia imposes no additional requirements for IFRS-accountancy

Bank of Russia imposes no additional requirements for IFRS-accountancy

Apart from its recommendations

Publication date: 21 May 2010

The Central Bank of the Russian Federation imposes no additional requirements for bank accountancy under IFRS. The only thing it does is periodic publication of its methodological recommendations which aren’t required to follow if the bank has own-developed practice.

The Central Bank of Russia (CB) imposes no additional requirements for bank accountancy under IFRS - the only thing the Bank of Russia does is periodic publication of its methodological recommendations, like the ones on fair value evaluation of financial instruments, on calculation of amortized value of financial securities on accrual basis of accounting, and other differences between IFRSs and Russian GAAP.