No. OP 1-2012
About application of international accounting standards
The interdepartmental working group on application of International accounting standards formed by the order of the Ministry of Finance of the Russian Federation of March 30, 2012 N 148, generalized experience of application of the International Accounting Standards (IAS) in the territory of the Russian Federation and reports the following.
Representation of comparative information in consolidated financial statements for 2012.
According to Item 38 IFRS (IAS) 1 "Accounts presentation" on all amounts reflected in the financial reporting the comparative information for previous period shall reveal, except as specified, when the IFRS allow or other requires.
According to Item 21 IFRS (IFRS) 1 "First application of international accounting standards" the financial reporting of the organization for the first time prepared according to IFRS shall include, at least, three financial status statements, two comprehensive income statements (if those are represented), two cash flow statements, two statements of changes in equity and the corresponding notes, including comparative information. According to Item 6 IFRS (IFRS) 1 organization shall prepare and submit the initial financial status statement according to IFRS for the beginning of the earliest period for which the organization provides complete comparative information according to IFRS in the first financial reporting according to IFRS.
Thus, in case of creation of consolidated financial statements for 2012 the organization including for the first time preparing consolidated financial statements according to IFRS shall provide comparative information, at least, for one preceding period, i.e. for 2011 and constitute opening balance sheet for January 1, 2011 (on December 31, 2010).
In case of creation of the specified opening balance sheet the organization can (and in some cases - shall) to apply the exceptions of retrospective application provided by IFRS (IFRS) 1, if it constitutes the reporting under IFRS for the first time. Conditions in case of which accomplishment the organization is considered constituting the financial reporting according to IFRS for the first time are established by IFRS (IFRS) 1.
Specifying on IFRS in consolidated financial statements and audit opinion according to such reporting
According to Item 16 IFRS (IAS) 1 "Accounts presentation" the organization which financial reporting corresponds to IFRS shall make the accurate and unconditional statement for such compliance in notes to the financial reporting; the description of the financial reporting as corresponding to IFRS is not allowed if it does not conform to all requirements of IFRS.
According to the subitem of "b" of Item 4 IFRS (IFRS) 1 "The first application of international accounting standards" the reporting constituted according to national requirements concerning which the accurate and unconditional declaration of conformity of its IFRS is made is considered as constituted according to IFRS. Otherwise, the organization can make the accurate and unconditional declaration of conformity of its consolidated financial statements of IFRS even if this reporting is constituted according to other standards, but at the same time conforms to all requirements of IFRS.
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