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ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of February 25, 2011 No. 107

About approval of the Regulations on recognition of International accounting standards and Explanations of International accounting standards for application in the territory of the Russian Federation

(as amended on 20-03-2021)

According to part 3 of article 3 of the Federal law "About Consolidated Financial Statements" Government of the Russian Federation decides:

Approve the enclosed Regulations on recognition of International accounting standards and Explanations of International accounting standards for application in the territory of the Russian Federation.

Russian Prime Minister

V. Putin

 

Approved by the Order of the Government of the Russian Federation of February 25, 2011 No. 107

Regulations on recognition of International accounting standards and Explanations of International accounting standards for application in the territory of the Russian Federation

I. General provisions

1. This Provision establishes procedure for recognition for application in the territory of the Russian Federation of International accounting standards (further - international standards) and Explanations of the international standards accepted by Fund of International accounting standards (further - Fund).

2. In structure of international standards and Explanations of the international standards (further - documents of international standards) which are subject to recognition according to the procedure, established by this Provision, enter accepted by Fund:

a) international standards;

b) Explanations of international standards;

c) changes which are made to international standards and their Explanations;

d) other documents determined by Fund as integral part of international standards and (or) their Explanations.

3. Recognition of documents of international standards is understood as the decision making process about introduction of each document of international standards in action in the territory of the Russian Federation consisting in consecutive implementation of the following actions:

a) official obtaining from Fund of the document of international standards;

b) examination of applicability of the document of international standards in the territory of the Russian Federation (further - examination);

c) decision making about introduction of the document of international standards in action in the territory of the Russian Federation;

d) publication of the document of international standards.

4. Documents of international standards in Russian in the territory of the Russian Federation are subject to recognition for application.

The Ministry of Finance of the Russian Federation provides from Fund of the translation into Russian of each document of international standards.

5. The document of international standards is recognized subject to application in the territory of the Russian Federation if it provides accomplishment of the task provided by part 1 of article 13 of the Federal law "About Financial Accounting".

6. The decision on introduction of the document of international standards in action is in the territory of the Russian Federation made on the document in general. If concerning separate provisions of the document of international standards the decision on applicability cannot be in the territory of the Russian Federation accepted, that decision on introduction of such document in action is in the territory of the Russian Federation made on the document with withdrawal of the specified provisions.

7. The acknowledged document of international standards becomes effective in the territory of the Russian Federation step by step if other is not provided by this document. At the I stage the acknowledged document of international standards becomes effective in the territory of the Russian Federation for voluntary application by the organizations in the terms determined in this document, but not earlier than its official publication. At the II stage the acknowledged document of international standards becomes effective in the territory of the Russian Federation for obligatory application by the organizations in the terms determined in this document.

If in the acknowledged document of international standards the term and (or) procedure for entry into force is not determined or it is acknowledged for application in the territory of the Russian Federation after the term determined in it, such document becomes effective in the territory of the Russian Federation from the date of its official publication.

8. The acknowledged document of international standards terminates in the territory of the Russian Federation from the date determined by the Ministry of Finance of the Russian Federation which according to this Provision makes the decision on introduction of documents of international standards in action in the territory of the Russian Federation.

II. Examination of applicability of the document of international standards in the territory of the Russian Federation

9. Expertize is carried out on a grant basis by the legal entity determined according to the procedure, the established Rules of determination of expert body given in appendix (further - expert body). The procedure for participation of expert body in recognition of documents of international standards is determined by this Provision and the agreement signed between the Ministry of Finance of the Russian Federation and expert body.

10. Examination shall provide comprehensive consideration of each document of international standards for the purpose of confirmation of applicability it in the territory of the Russian Federation.

11. Expertize is carried out concerning the documents arriving from the Ministry of Finance of the Russian Federation.

12. The term of conducting examination constitutes 40 working days from the date of receipt of the document of international standards. If necessary the expert body can extend in coordination with the Ministry of Finance of the Russian Federation the specified term, but no more than for 40 working days.

13. Results of examination are drawn up in the form of the conclusion of expert body.

14. The conclusion of expert body contains one of the following conclusions:

a) applicability confirmation in the territory of the Russian Federation document of international standards in general;

b) applicability confirmation in the territory of the Russian Federation the document of international standards with withdrawal of separate provisions of this document which applicability cannot be in the territory of the Russian Federation confirmed;

c) conclusion about impossibility of confirmation of applicability in the territory of the Russian Federation the document of international standards in general.

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