Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

Registered by

Ministry of Justice

Russian Federation

On August 27, 1998 No. 1598

ORDER OF THE MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

of July 29, 1998 No. 34n

About approval of the Provision on financial accounting and accounting records in the Russian Federation

(as amended on 29-03-2017)

In pursuance of the Program of reforming of financial accounting according to international accounting standards approved by the order of the Government of the Russian Federation of March 6, 1998 N 283, and the order of the Government of the Russian Federation of March 21, 1998 I order to N382-r:

1. Approve the enclosed Provision on financial accounting and accounting records in the Russian Federation.

2. Recognize invalid:

the order of the Ministry of Finance of the Russian Federation of December 26, 1994 N170 "About Regulations on Financial Accounting and the Reporting in the Russian Federation";

Item 3 of the order of the Ministry of Finance of the Russian Federation of February 3, 1997 N8 "About Quarter Accounting Records of the Organization".

3. Enact this order since January 1, 1999.

Minister

M. M. Zadornov

Approved by the Order of the Ministry of Finance of the Russian Federation of July 29, 1998 No. 34H

Provision on financial accounting and accounting records in the Russian Federation

I. General provisions

2. The provision determines procedure for the organization and financial accounting, creation and submission of accounting records by legal entities by the legislation of the Russian Federation, irrespective of their form of business (except for credit institutions and the public (municipal) institutions), and also relations of the organization with external consumers of accounting information.

Branches and representative offices of the foreign organizations which are in the territory of the Russian Federation can keep financial accounting proceeding from the rules established in the country of finding of the foreign organization if the last do not contradict the International Financial Reporting Standards drafted by the International accounting standards board.

3. The Ministry of Finance of the Russian Federation based on the Federal Law "About Financial Accounting" develops and approves provisions (standards) on financial accounting, other regulatory legal acts and methodical instructions for financial accounting creating system of normative regulation of financial accounting and obligatory to execution by the organizations in the territory of the Russian Federation including when implementing activities outside the Russian Federation.

4. According to the Federal Law "About Financial Accounting":

a) ceased to be valid according to the Order of the Ministry of Finance of the Russian Federation of 29.03.2017 No. 47n

b) ceased to be valid according to the Order of the Ministry of Finance of the Russian Federation of 29.03.2017 No. 47n

c) the main objectives of financial accounting are:

forming of complete and reliable information about organization activity and its property status, accounting records necessary for internal users - to heads, founders, participants and owners of property of the organization, and also external - to investors, creditors and other users of accounting records;

providing with information necessary for internal and external users of accounting records for control of compliance with law of the Russian Federation in case of implementation of economic activities by the organization and their feasibility, availability and movement of property and obligations, use of material, labor and financial resources according to the approved regulations, standard rates and estimates;

prevention of negative results of economic activity of the organization and identification of intraeconomic reserves of ensuring its financial stability.

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