Accounting in Russia

Accounting standards

Russia
Accounting standards updates and background information from Deloitte's IAS Plus service.

IFAC profile: Russian Federation
Profile of the legal and regulatory environment, including information on the statutory framework for accounting and auditing, regulation of the profession and adoption of international standards.

Sanctions on accountancy services

The UK announced a ban on professional services exports to Russia on 4 May 2022, which came into force on 21 July 2022. The sanctions cover accountancy, management consulting, and PR services. The ICAEW Insights article Prohibition on provision of accountancy services to Russia comes into force explains the new legislation and suggests action points for ICAEW member firms. 

The EU announced a package of sanctions on 3 June 2022, which includes a prohibition on the provision of consulting services to Russia. The sanctions include accounting, auditing, bookkeeping, tax consulting services, business and management consulting, and PR services. The Council Regulation (EU) 2022/879 gives a detailed list of which services are prohibited and a number of exceptions (see paragraphs 23-26 and articles to be amended). The deadline for cessation of activities is 5 July 2022.

The US announced measures on 8 May 2022 that include a ban on the provision of accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation.

For more information on sanctions, other measures and considerations for accountants, see our Ukraine crisis: central resource hub.

Accountancy associations and groups

• Audit Chamber of Russia
• National Organization for Financial Accounting and Reporting Standards
• Russian Union of Auditors
• Sodruzhestvo (Self-regulatory Organization of Auditors Association)

For regional organisations and networks, see our list of international accountancy bodies

Comparisons

IFRS, US GAAP and RAP: Comparisons and basics
Guide published by Ernst Young in 2016, which compares Russian Accounting Principles (RAP) with IFRS and US GAAP, as well as discussing the direction and future developments of Russian accounting legislation.

IFRS compared to Russian GAAP: an Overview (2005)
KPMG publication aimed at explaining the differences between the accounting principles of International Financial Reporting Standards (IFRS) and Russian Accounting Principles (Russian GAAP or RAP).

Model financial statements

Models and checklists – Russia
Example accounts and checklists produced and regularly updated by Deloitte member firms to help users prepare reports in compliance with local GAAP.

ICAEW contact members

Contact member in Russia
ICAEW’s network of Contact Members around the world are a point of contact for enquiries and act as ambassadors in promoting ICAEW's strategy and brand in each region.

IFRS adoption

Use of IFRS standards by jurisdiction: Russia
Country profile prepared by the IFRS Foundation with notes on the extent of IFRS application, relevant jurisdictional authority, IFRS endorsement and translation of standards.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use. 

Articles and books in the Library collection

Selected books

Each selected book features specific accounting information on this country or territory; click on the links for more details. Alternatively, contact us if you have a particular enquiry or need further help consulting these titles.

European Accounting Guide (5th ed.)
David Alexander and Simon Archer (eds.) (2003)
Individual country and region chapters cover background information, accounting policies and practices, discuss the form and content of published financial statements and offer sample accounts.

International Corporate Procedures
LexisLibrary
This regularly updated database includes information on tax and accounting and features model company accounts. The model accounts are presented in the standard format for each country or territory with original language and English language versions presented together. Contact us to request documents from the database.

World Accounting
Kurt S Schulzke (ed.)
Each country or region entry contains sections on the framework of accounting (including the regulatory and standard setting regimes), individual accounting topics, auditing and appendices which can include commonly used terms and acronyms and example financial statements. This is a regularly updated looseleaf reference work in three volumes.

Find more resources

• View a list of articles and books in our collection on accounting in Russia

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post or email through our document supply service.