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September 16, 2021

Webinar | A Review of New FSBU (Federal Accounting Standards) and Impact of Changes on the Keeping of Financial Statements.

Russian accountants have long been used to the abbreviation PBU/RAS standing for Regulations for Accounting and Financial Reporting approved by the Russian Ministry of Finance and regulating the procedure for accounting certain operations and areas. Several years ago, they were replaced by the FSBU which stand for federal accounting standards. New FSBU are introduced every year.

Inventory accounting has been conducted in a new way since January 1, 2021, and annual reporting will be prepared with new disclosures ahead. From January 1, 2022 onwards, the accounting of fixed assets and capital investments, as well as leases will need to be kept according to new rules. It is therefore important for the heads of financial (accounting) services to assess already now the scale of changes in accounting and to prepare in a timely manner for the switch to new FSBU.

As part of a webinar held on September 16, 2021, our experts considered the broad changes in Russian accounting from an unusual perspective:

  • How will accounting (financial) statements change following with the introduction of new FSBU?
  • What difficulties can accountants and providers of financial statements expect?
  • How to achieve a balance between labor costs and quality during the transition?
Tatyana Tereshko
Head of Financial Outsourcing Methodology Department
Galina Kruglova
Expert Methodologist