Consolidated financial reporting of Russian institutions shall be compiled in accordance with the International Financial Reporting Standards
There been
adopted
the Federal Act N 208-FZ of July 27, 2010 (document is in
Russian) establishing general requirements to compiling, submission
and publication of consolidated financial reporting by a legal
entity created in accordance with legislation of the Russian
Federation. The Act shall be applied to credit, insurance and
other institutions, which securities are admitted for turnover
on trades of stock exchanges and (or) other organizers of trade
on securities market.
As consolidated financial reporting,
it is understood systemized information reflecting financial
position, financial results of activity and change of financial
position of an organization, organizations and (or) foreign
organizations determining pursuant to the International
Financial Reporting Standards. Consolidated financial reporting
shall be compiled in accordance with the International Financial
Reporting Standards, and annual consolidated financial reporting
is subject of obligatory audit, and they shall be published
in information systems of general use and (or) mass-media.
Organizations shall compile, submit and publish consolidated
financial reporting from the beginning of reporting for year
following after year when the International Financial Reporting
Standards has been considered for application at the RF territory,
and organizations, which securities are admitted for turnover
on trades of stock exchanges and (or) other organizers of trade
on securities market, and which compile consolidated financial
reporting on rules different form the International Financial
Reporting Standards, as well as organizations, which bonds are
admitted for turnover in aforesaid order, are obliged to submit
and to publish consolidated financial reporting not earlier
than from reporting for 2015.
By
the Federal Act N 193-FZ of July 27, 2010 (document is in
Russian), there have been determined legal grounds for carrying
out of alternative procedure of dispute settlement with participation
of an mediator - the procedure of mediation. The Act regulates
the relations concerning to application of the procedure of
mediation to disputes arisen from civil matters including
carrying out of entrepreneurial activity and other economic
activity, as well as disputes arisen from labor relations and
family relations. The procedure of mediation shall not be applied
to collective employment disputes, as well as to disputes in
the case if such disputes concern or may to concern rights and
legal interests of third persons or public interests. The procedure
of mediation may be applied after arising of disputes considering
in order of civil proceedings and proceedings in courts of arbitration.
Application of the procedure of mediation shall be provided
on grounds of agreements of the parties including on grounds
of the contract about application of the procedure of
mediation. Besides there are
established the requirements to mediators, which may provide
their activity as on professional so non-professional base.
In the purposes of development and establishing of standards
and rules of professional activity of mediators, as well as
procedure for control over their observance by mediators carrying
out activity on professional base, there may be created self-regulating
organizations of mediators.
The Federal Act shall putt
into effect since January 1, 2011.
