MOSCOW, March 10 (RIA Novosti) - Russian public companies will start calculating their consolidated financial reports to IFRS by the first half of 2013, Leonid Shneidman, director of state control regulations, auditing and accounting department at the Finance Ministry, said on Thursday.
"Our plan is for the standards to be officially approved before the end of the year. Their usage will start from 2012 reports. Obligatory consolidated reports to international standards will appear in the first half of 2013," Shneidman told RIA Novosti.
He said that the government's goal was to use only IFRS for consolidated reports. Individual reports will be done to Russian Accounting Standards.
"Russian Accounting Standards reports will be presented to the tax office and other supervisory bodies," Shneidman said.
Investors often complain that Russian Accounting Standards do not show the real state of affairs in a company and are aimed only at taxing the firm properly.