Russia introduces five IFRS documents

The Ministry of Finance has introduced some IFRS documents in the territory of the Russian Federation:

1. «Amendments to the references to the «Conceptual Framework „(amendments to IFRS 3 „Business Combinations“)." The term „contingent asset“ is introduced, which outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable);
2. „Property, plant, and equipment — receipts before intended use (amendments to IAS 16 „Property, plant and equipment“)“;
3. „Onerous contracts — contract performance costs (amendments to IAS 37)“;
4. „Annual improvements to IFRS, period 2018–2020“, which amends:
  • IFRS 1 „First-time Adoption of International Financial Reporting Standards“;
  • IFRS 9 „Financial Instruments“;
  • IAS 41 „Agriculture.“

Order No. 24n dd 17.02.2021 is dedicated to these amendments.

5. In addition, Order No. 23n dd 17.02.2021 introduces the document „Reform of the base interest rate-Stage 2“, which amends:
  • IFRS 9 „Financial Instruments“;
  • IAS 39 " Financial Instruments: Recognition and Measurement“;
  • IFRS 7 " Financial Instruments: Disclosures»;
  • IFRS 16 «Leases.»

Both orders took effect on April 2.

Please be informed that our company has moved to a new office.
It is located at 23, 1st Tverskaya-Yamskaya str., Moscow, building 1 (Business Center «Parus»), 4th entrance, 4th floor, office 17.
New phone number: 8 (495) 797-10-99.
We look forward to seeing you in our new cozy office!