Public Finance International published an article concerning the elaboration of national public sector accounting standards in RF
Feb 11, 2013
On 7th of February 2013 the online media outlet Public Finance International has published an article “Russia set to introduce ‘Ipsas-based’ accounting standards” concerning the development and adoption of national accounting rules based on International Public Sector Accounting Standards.
In accordance with information provided by Svetlana Tabalina, a senior expert at the IFEM, the article deals with prerequisites for transition to national accounting standards, describe the developed standards of the first stage and denote the planned period for its adoption. Moreover the opportunities for development and adoption of other public sector accounting and reporting standards are identified.
The Ipsas work, which began in February 2011, led to five national accounting standards being drawn up and finalised, after a public consultation, in June 2012.
The initiative, which is being run under the World Bank’s Treasury Development Project, aims to improve the governance of Russia’s public finances by presenting more complete, true and fair financial information. It has been run by the Russian Ministry of Finance, with the involvement of the Moscow-based public finance research centre, the Institute for Financial and Economic Monitoring, and global consultancy KPMG.