Accounting service

Useful information

Accounting principles

All companies in Russia are required to keep accounting records in order to provide complete and reliable information on business activity for external and internal users. There are some alternative accounting requirements for small companies. Small companies may have simplified accounting records and present simplified accounts

Current accounting regulations are based on the Law “On Accounting” of December 1996, Russian Accounting Standards and various regulations from the Ministry of Finance.

Russian accounting principles agree with international accounting principles in the following respects:

use of a double entry book-keeping system;
balance sheet continuity;
recording of assets on the basis of the original cost of acquisition;
general consideration of the going-concern principle;
valuation of foreign currency assets and liabilities using the market exchange rate prevailing at the balance sheet date, as established by the Central bank of Russian Federation.

Companies should use a working chart of accounts developed on the basis of the centrally-established Chart of Accounts.

Economic operations should be accounted for in the currency of the Russian Federation (rubles).

Comparing with Western accounting standards Russian accounting rules tend to be very formally prescriptive. As well there are some differences in bookkeeping for tax purposes and for accounting purposes.

ConsultExpert provides a wide range of professional accounting services for foreign and Russian companies.