of November 20, 2013
About consolidated financial statements of national business entities of the State Parties of the Commonwealth of Independent States
The governments of the State Parties of this agreement which further are referred to as with the Parties
promoting strategy implementation of economic development of the Commonwealth of Independent States for the period till 2020 by means of assistance to application of International accounting standards in the State Parties of the CIS,
understanding need of coordination of actions concerning financial accounting, development of initial requirements to creation of consolidated financial statements of national business entities of the Parties, and also rapprochement and harmonization of national systems of accounting with International accounting standards,
for the purpose of enhancement of operating conditions of the financial markets and ensuring comparability of financial information of national business entities
agreed as follows:
For the purposes of this agreement the stated below terms have the following values:
International Accounting Standards (IAS) - International accounting standards and Explanations of international standards, changes which are made to international standards and their Explanations, other documents determined by IFRS Fund as integral part of IFRS and (or) their Explanations;
consolidated financial statements - the systematized information reflecting financial position, financial results of activities and change of financial position of national business entity together with the national and foreign business entities controlled by it - the group of the organizations determined according to IFRS;
national business entities - the organizations, the companies, the companies and the other subjects which are not belonging to public sector determined by the legislation of the State Parties of this agreement as legal entities and speakers as independently identifiable subjects of the economic relations.
The purpose of this agreement is ensuring comparability of financial information about activities of national business entities.
Subject of this agreement is establishment by the Parties of requirements to national business entities on creation, representation, the publication (disclosure), audit of consolidated financial statements.
Provisions of this agreement regarding creation, representation, the publication (disclosure), audit of consolidated financial statements extend, at least, on those national business entities whose securities are allowed to the address at the organized biddings.
The parties independently determine circle of other national business entities to which provisions of this agreement extend.
The parties independently resolve issue of preserving or release from obligation of creation of accounting (financial) reports under the national legal system of the national business entities constituting consolidated financial statements according to provisions of this agreement.
The consolidated financial statements of the national business entities determined by the Parties according to Article 4 of this agreement are constituted according to IFRS.
The annual consolidated financial statements of national business entity are subject to the obligatory publication (disclosure) according to the legislation of the State Parties of this agreement. The consolidated financial statements are considered published (opened) if it is placed in information systems public and (or) are published in the mass media available to persons interested in it, and (or) concerning the specified reporting other actions providing its availability to all of persons interested in it irrespective of the purposes of receipt of this reporting under the procedure guaranteeing its stay and obtaining are carried out.
The parties independently determine users to whom the consolidated financial statements in addition to its publication (disclosure) are submitted.
Terms of submission of annual consolidated financial statements of national business entity are determined by the Parties independently, but, as a rule, cannot exceed 180 days after the termination of year for which this reporting is constituted.
The annual consolidated financial statements of the national business entities specified in paragraph one of Article 4 of this agreement are subject to substantive audit. In case of assignment of obligations on national business entities according to the paragraph to the second articles 4 obligation of carrying out substantive audit is determined by creation, representation, the publication (disclosure) of consolidated financial statements by the Parties independently.
The audit opinion is represented and is published (reveals) together with the specified consolidated financial statements.
The parties provide holding the necessary actions directed to implementation of this agreement including preparation and acceptance of the corresponding legislative and other regulatory legal acts.
The parties shall establish requirements about creation of consolidated financial statements according to this agreement concerning the national business entities specified Article in paragraph one 4, not later than starting with the reporting for 2015.
The parties can delay accomplishment of the obligation specified in this Article for the national business entities constituting consolidated financial statements on others, other than IFRS, to internationally acknowledged rules, but no more than till 2020.
The parties charge to Coordination council on financial accounting under Executive committee of the Commonwealth of Independent States to perform monitoring of actions for implementation of provisions of this agreement and if necessary to inform Council of CIS Heads of Government on the course of its realization.
For the purpose of implementation of provisions of this agreement of the Party can sign supplementary agreements on single questions.
This agreement does not affect the rights and obligations of each of the Parties following for it from other international treaties which participant is its state.
The matters of argument between the Parties arising in case of application and interpretation of this agreement are solved by consultations and negotiations of concerned parties or by means of other procedure approved by the Parties.
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