Russian_GAAP
Russian Accounting Standards
Regulatory standards on accounting and reporting in the Russian Federation
Russian Accounting Standards (RAS; Russian: Российские стандарты бухгалтерского учёта, РСБУ), also called Russian Accounting Principles (RAP) or Russian GAAP or GAAP (Russia), refer to the body of regulatory documents concerning financial accounting and reporting standards in the Russian Federation.[1]
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For historical reasons, the Russian Accounting Standards framework has been determined by the state, rather by professional bodies.[2] The primary users of RAS are state and tax authorities, rather than management or third parties.[2] RAS financial statements must include balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.[2] Under RAS, a specific layout is mandatory for the balance sheet and other statements.[3]
The Russian government has been striving to harmonize Russian Accounting Standards with IFRS since 1998.[citation needed] The Law No. 208-FZ introduced IFRS into Russian legislation in 2010.[3] Since 2012, IFRS have increasingly been adopted in Russia, and they are mandatory for consolidated financial statements, while standalone financial statements must be prepared using RAS.[2] IFRS statements are also required for domestic public companies.[4] IFRS are generally deemed more relevant to the needs of investors.[5]