208 Federal Law on consolidated. Legislative framework of the Russian Federation

Article 1. Relations regulated by this Federal Law

1. This Federal Law establishes general requirements for the preparation, presentation and disclosure of consolidated financial statements by a legal entity created in accordance with the legislation of the Russian Federation (hereinafter also referred to as the organization). (as amended by Federal Law dated July 3, 2016 N 262-FZ)

2. For the purposes of this Federal Law, consolidated financial statements mean systematic information reflecting the financial position, financial results of operations and changes in the financial position of an organization that, together with other organizations and (or) foreign organizations, in accordance with International Financial Reporting Standards (hereinafter referred to as IFRS) ) is defined as a group. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

Article 2. Scope of this Federal Law

1. This Federal Law applies to: (as amended by Federal Law dated May 5, 2014 N 111-FZ)

1) to credit organizations; (as amended by Federal Law dated May 5, 2014 N 111-FZ)

2) to insurance organizations (with the exception of medical insurance organizations operating exclusively in the field of compulsory medical insurance); (as amended by Federal Law dated May 5, 2014 N 111-FZ)

3) for non-state pension funds; (as amended by Federal Law dated May 5, 2014 N 111-FZ)

4) management companies of investment funds, mutual funds and non-state pension funds; (as amended by Federal Law dated May 5, 2014 N 111-FZ)

5) to clearing organizations; (as amended by Federal Law dated May 5, 2014 N 111-FZ)

6) to federal state unitary enterprises, the list of which is approved by the Government of the Russian Federation; (as amended by Federal Law dated May 5, 2014 N 111-FZ)

7) on joint stock companies whose shares are in federal ownership and the list of which is approved by the Government of the Russian Federation; (as amended by Federal Laws dated 05/05/2014 N 111-FZ, dated 07/03/2016 N 262-FZ)

8) to other organizations whose securities are admitted to organized trading by including them in the quotation list. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

2. If federal laws provide for the preparation, and (or) presentation, and (or) disclosure of consolidated financial statements (consolidated financial statements, summary (consolidated) statements and balance sheet) or if the constituent documents of an organization not specified in Part 1 of this article , provides for the presentation and (or) disclosure of consolidated financial statements, such statements are prepared in accordance with this Federal Law. (as amended by Federal Law dated July 3, 2016 N 262-FZ)

3- 4. The parts have become invalid. (as amended by Federal Law dated July 23, 2013 N 251-FZ)

5. This Federal Law also applies when preparing, presenting and disclosing financial statements by organizations that do not create a group specified in Article 1 of this Federal Law. The word “consolidated” is not used in the title of such financial statements. (as amended by Federal Laws dated 05/05/2014 N 111-FZ, dated 07/03/2016 N 262-FZ)

6. This Federal Law does not apply to public sector organizations. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

7. This Federal Law does not apply to consolidated (consolidated) budget reporting, consolidated reporting of state (municipal) institutions, formed in accordance with the budget legislation of the Russian Federation. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

Article 3. Preparation of consolidated financial statements

1. Consolidated financial statements are prepared in accordance with IFRS.

2. The consolidated financial statements of the organization are prepared along with the accounting (financial) statements of this organization, compiled in accordance with Federal Law dated December 6, 2011 N 402-FZ “On Accounting”. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

3. On the territory of the Russian Federation, IFRS and Interpretations of IFRS are applied, adopted by the Foundation for International Financial Reporting Standards and recognized in the manner established taking into account the requirements of the legislation of the Russian Federation by the Government of the Russian Federation in agreement with the Central Bank of the Russian Federation. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

4. The reporting period for the annual consolidated financial statements (reporting year) is the calendar year from January 1 to December 31 inclusive. (as amended by Federal Law dated July 18, 2017 N 164-FZ)

5. The constituent documents of organizations that are not organizations specified in paragraphs - Part 1 of Article 2 of this Federal Law, and (or) the parent organizations of bank holding companies, may establish other start and end dates for the reporting year, provided that its duration is equal to the duration of the calendar year of the year. This provision does not apply if other federal laws provide that the reporting period for the organization’s annual consolidated financial statements is a calendar year and (or) the consolidated financial statements are included in the organization’s annual report. (as amended by Federal Law dated July 18, 2017 N 164-FZ)

6. The first reporting year for the annual consolidated financial statements of an organization is the period from the date of its state registration to December 31 of the same calendar year, inclusive. If the constituent documents of an organization establish a different end date for the reporting year, the first reporting year for the annual consolidated financial statements of such an organization is the period from the date of its state registration to the end date of the reporting year established by the constituent documents of the organization, inclusive. Organizations, with the exception of organizations specified in paragraphs - Part 1 of Article 2 of this Federal Law, and organizations that are parent organizations of bank holding companies, have the right not to prepare consolidated financial statements for the first reporting year, if the duration of the period from the date of their state registration to the end date of the reporting year year inclusive less than 90 days. (as amended by Federal Law dated July 18, 2017 N 164-FZ)

7. The reporting period for interim consolidated financial statements is the period from the beginning of the reporting year to the reporting date of the period for which the interim consolidated financial statements are prepared, inclusive. The first reporting period for interim consolidated financial statements is the period from the date of state registration of the organization to the reporting date of the period for which the interim consolidated financial statements are prepared, inclusive. (as amended by Federal Law dated July 18, 2017 N 164-FZ)

Article 4. Presentation of consolidated financial statements

1. Annual consolidated financial statements are presented to participants (shareholders, founders) or owners of the organization’s property. The said reporting, with the exception of the reporting of organizations specified in paragraphs - part 1 of article 2 of this Federal Law, unless otherwise provided by part 7.1 of this article, is also submitted to the Central Bank of the Russian Federation. (as amended by Federal Laws dated 05/05/2014 N 111-FZ, dated 07/03/2016 N 262-FZ)

2. Interim consolidated financial statements are presented to participants (shareholders, founders) or owners of the organization’s property, if such presentation is provided for by its constituent documents. The said reporting, with the exception of the reporting of organizations specified in paragraphs - part 1 of article 2 of this Federal Law, unless otherwise provided by part 7.1 of this article, is also submitted to the Central Bank of the Russian Federation in cases established by the Central Bank of the Russian Federation. (as amended by Federal Laws dated 05/05/2014 N 111-FZ, dated 07/03/2016 N 262-FZ)

2.1. (as amended by Federal Law dated July 3, 2016 N 262-FZ)

Federal laws may establish cases of submission of annual and interim consolidated financial statements by organizations specified in Part 1 of Article 2 of this Federal Law, also to the Central Bank of the Russian Federation. (as amended by Federal Law dated May 5, 2014 N 111-FZ)

3. Annual and interim consolidated financial statements are presented to participants (shareholders, founders) or owners of the organization’s property in the manner determined by the organization’s constituent documents. (as amended by Federal Law dated July 23, 2013 N 251-FZ)

4. Part has become invalid. (as amended by Federal Law dated July 23, 2013 N 251-FZ)

5. Submission of annual and interim consolidated financial statements by organizations to the Central Bank of the Russian Federation is carried out in the manner determined by the Central Bank of the Russian Federation. 6. Consolidated financial statements are presented to users provided for in this article in Russian, reflecting their indicators in the currency of the Russian Federation.

7. Annual consolidated financial statements are presented no later than 120 days after the end of the reporting year for which these statements were prepared. Interim consolidated financial statements are presented no later than 60 days after the end of the reporting period for which these statements were prepared. If the last day of the deadline for submitting consolidated financial statements falls on a day recognized in accordance with the legislation of the Russian Federation as a weekend or non-working holiday, the last day of the deadline for submitting consolidated financial statements is considered to be the first working day following it. (as amended by Federal Laws dated 07/03/2016 N 262-FZ, dated 07/18/2017 N 164-FZ)

7.1. (as amended by Federal Law dated July 3, 2016 N 262-FZ)

Annual and interim consolidated financial statements of organizations specified in paragraphs - Part 1 of Article 2 of this Federal Law, as well as organizations specified in Part 1 of Article 2 of this Federal Law and which are the parent organizations of bank holding companies, are submitted to the Central Bank of the Russian Federation within the deadlines established Central Bank of the Russian Federation. (as amended by Federal Law dated July 3, 2016 N 262-FZ)

8. Consolidated financial statements are signed by the head of the organization and (or) other persons authorized to do so by the constituent documents of the organization. If federal laws establish qualification requirements for the head of an organization, the consolidated financial statements are signed by the head of the organization, as well as other persons authorized to do so by the constituent documents of the organization, in the cases provided for by such documents. (as amended by Federal Law dated July 3, 2016 N 262-FZ)

Article 5. Audit of consolidated financial statements

1. Annual consolidated financial statements are subject to mandatory audit.

2. Consolidated financial statements for the first half of the reporting year, the disclosure of which is provided for by this Federal Law or other federal laws, is subject to an audit or inspection conducted by an audit organization, the type and procedure of which are established by auditing standards.

Article 6. Supervision of presentation and disclosure of consolidated financial statements (as amended by Federal Laws dated July 23, 2013 N 251-FZ, dated July 3, 2016 N 262-FZ)

Supervision over the presentation and disclosure of consolidated financial statements by organizations, with the exception of organizations specified in paragraphs and part 1 of Article 2 of this Federal Law, is carried out by the Central Bank of the Russian Federation. (as amended by Federal Laws dated 05/05/2014 N 111-FZ, dated 07/03/2016 N 262-FZ)

Article 7. Disclosure of consolidated financial statements (as amended by Federal Law dated July 3, 2016 N 262-FZ)

1. The organization discloses annual consolidated financial statements. The organizations specified in paragraphs and part 1 of Article 2 of this Federal Law also disclose interim consolidated financial statements.

2. Consolidated financial statements are considered disclosed if they are posted in public information systems or published in the media accessible to persons interested in them, and (or) other actions have been taken in relation to these statements to ensure their availability to all interested in them persons, regardless of the purpose of obtaining this reporting, according to a procedure that guarantees its location and receipt.

3. The organization publishes on its own website on the Internet information and telecommunications network information about the place of disclosure of consolidated financial statements in the event that these statements are posted (published) in a place other than the organization’s own website.

4. When disclosing consolidated financial statements by posting them in public information systems, they must be available to persons interested in them together with the auditor’s report on them or another document drawn up based on the results of the audit of interim consolidated financial statements in accordance with auditing standards, within three years from the date of its placement.

Valid Editorial from 27.07.2010

FEDERAL LAW of July 27, 2010 N 208-FZ "ON CONSOLIDATED FINANCIAL REPORTING"

1. This Federal Law applies to:

1) to credit organizations;

2) to insurance organizations;

3) to other organizations whose securities are admitted to trading at stock exchanges and (or) other organizers of trading on the securities market.

2. If federal laws provide for the preparation, and (or) presentation, and (or) publication of consolidated financial statements (consolidated financial statements, summary (consolidated) statements and balance sheet) or if the constituent documents of an organization not specified in Part 1 of this article , provision is made for the presentation and (or) publication of consolidated financial statements, such statements are prepared in accordance with this Federal Law.

3. The procedure for the presentation and (or) publication by credit institutions of other types of financial statements prepared in accordance with IFRS, as well as the procedure for using such statements and consolidated financial statements for the purposes of banking supervision, are determined by the Central Bank of the Russian Federation.

4. The specifics of the procedure for the presentation and publication of consolidated financial statements by organizations carrying out state defense orders are established by the Government of the Russian Federation.

1. Consolidated financial statements are prepared in accordance with IFRS.

2. The consolidated financial statements of the organization are prepared along with the financial statements of this organization, compiled in accordance with Federal Law of November 21, 1996 N 129-FZ “On Accounting”.

3. On the territory of the Russian Federation, IFRS and Interpretations of IFRS are applied, adopted by the Foundation of the Committee on International Financial Reporting Standards and recognized in the manner established taking into account the requirements of the legislation of the Russian Federation by the Government of the Russian Federation in agreement with the Central Bank of the Russian Federation.

1. Annual consolidated financial statements are presented to the participants of the organization, including shareholders. Annual consolidated financial statements are also presented:

1) organizations, with the exception of credit institutions, to the authorized federal executive body;

2) credit organizations to the Central Bank of the Russian Federation.

2. Interim consolidated financial statements are presented to the participants of the organization, including shareholders, if such presentation is provided for by its constituent documents. Credit organizations also submit interim consolidated financial statements to the Central Bank of the Russian Federation in cases established by the Central Bank of the Russian Federation.

3. Annual and interim consolidated financial statements are presented to the participants of the organization, including shareholders, in the manner determined by the constituent documents of the organization.

4. Submission of annual consolidated financial statements by organizations, with the exception of credit institutions, to the authorized federal executive body is carried out in the manner determined by the Government of the Russian Federation.

5. Submission of annual and interim consolidated financial statements by credit institutions to the Central Bank of the Russian Federation is carried out in the manner determined by the Central Bank of the Russian Federation.

6. Consolidated financial statements are presented to users provided for in this article in Russian.

7. Annual consolidated financial statements are presented before the general meeting of the organization’s participants, but no later than 120 days after the end of the year for which these statements were prepared.

8. Consolidated financial statements are signed by the head of the organization and (or) other persons authorized to do so by the constituent documents of the organization.

The annual consolidated financial statements are subject to mandatory audit. The auditor's report is provided and published together with these consolidated financial statements.

1. Supervision over compliance with the deadlines for the submission and publication of consolidated financial statements by organizations, with the exception of credit institutions, is carried out by the authorized federal executive body determined by the Government of the Russian Federation.

2. Supervision over the presentation and publication of consolidated financial statements by credit institutions is carried out by the Central Bank of the Russian Federation.

1. The organization must publish annual consolidated financial statements.

2. Consolidated financial statements are considered published if they are posted in public information systems and (or) published in the media accessible to persons interested in them, and (or) other actions have been taken in relation to these statements to ensure their accessibility to everyone persons interested in it, regardless of the purpose of obtaining this reporting, according to a procedure that guarantees its location and receipt.

3. Publication of consolidated financial statements is carried out by the organization no later than 30 days after the date of presentation of such statements to users provided for in Article 4 of this Federal Law.

1. Organizations prepare, present and publish consolidated financial statements starting with reporting for the year following the year in which IFRS are recognized for application in the territory of the Russian Federation, except for the cases specified in part 2 of this article.

2. Organizations whose securities are admitted to trading on stock exchanges and (or) other organizers of trading on the securities market and which prepare consolidated financial statements according to internationally accepted rules other than IFRS, as well as organizations whose bonds are admitted to trading at stock exchanges and (or) other organizers of trading on the securities market are required to present and publish consolidated financial statements starting with reporting for the year following the year in which IFRS are recognized for application in the territory of the Russian Federation, but not earlier than reporting for 2015.

The president
Russian Federation
D.MEDVEDEV

Moscow Kremlin

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2) to insurance organizations (with the exception of medical insurance organizations operating exclusively in the field of compulsory medical insurance);

Judicial practice and legislation - 208-FZ On consolidated financial statements

1. Reporting in form 0409815 “Report on the financial position of a credit organization” (hereinafter referred to as the Report) is compiled on the basis of data from the report on the financial position of a credit organization, which is part of the consolidated financial statements or financial statements of credit institutions that are not the parent organizations of the banking group and participants in the banking group. group (hereinafter referred to as the financial statements of credit institutions), compiled, audited and published in accordance with Federal Law No. 208-FZ of July 27, 2010 “On Consolidated Financial Statements” (Collected Legislation of the Russian Federation, 2010, No. 31, Art. 4177; 2011, No. 6728; 2013, No. 4084, No. 2316; ).

1. This Federal Law establishes general requirements for the preparation, presentation and publication of consolidated financial statements by a legal entity created in accordance with the legislation of the Russian Federation (hereinafter also referred to as the organization).

2. For the purposes of this Federal Law, consolidated financial statements mean systematized information reflecting the financial position, financial results of operations and changes in the financial position of an organization, organizations and (or) foreign organizations - a group of organizations determined in accordance with International Financial Reporting Standards (hereinafter - IFRS).

Article 2. Scope of this Federal Law

1. This Federal Law applies to:

1) to credit organizations;

2) to insurance organizations;

Federal Law of December 29, 2012 N 282-FZ clause 3 of part 1 of article 2 of this Federal Law is stated in a new wording, which comes into force on January 2, 2013.

3) to other organizations whose securities are admitted to organized trading by including them in the quotation list.

2. If federal laws provide for the preparation, and (or) presentation, and (or) publication of consolidated financial statements (consolidated financial statements, summary (consolidated) statements and balance sheet) or if the constituent documents of an organization not specified in Part 1 of this Articles provide for the presentation and (or) publication of consolidated financial statements, such statements are prepared in accordance with this Federal Law.

Article 3. Preparation of consolidated financial statements

1. Consolidated financial statements are prepared in accordance with IFRS.

2. The consolidated financial statements of the organization are prepared along with the financial statements of this organization, compiled in accordance with Federal Law of November 21, 1996 N 129-FZ “On Accounting”.

3. On the territory of the Russian Federation, IFRS and Interpretations of IFRS are applied, adopted by the Foundation of the Committee on International Financial Reporting Standards and recognized in the manner established taking into account the requirements of the legislation of the Russian Federation by the Government of the Russian Federation in agreement with the Central Bank of the Russian Federation.

Article 4. Presentation of consolidated financial statements

1. Annual consolidated financial statements are submitted to the participants of the organization, including shareholders, as well as to the Central Bank of the Russian Federation.

2. Interim consolidated financial statements are presented to the participants of the organization, including shareholders, if such presentation is provided for by its constituent documents, as well as to the Central Bank of the Russian Federation in cases established by the Central Bank of the Russian Federation.

3. Annual and interim consolidated financial statements are presented to the participants of the organization, including shareholders, in the manner determined by the constituent documents of the organization.

5. Submission of annual and interim consolidated financial statements by organizations to the Central Bank of the Russian Federation is carried out in the manner determined by the Central Bank of the Russian Federation.

6. Consolidated financial statements are presented to users provided for in this article in Russian.

7. Annual consolidated financial statements are presented before the general meeting of the organization’s participants, but no later than 120 days after the end of the year for which these statements were prepared.

8. Consolidated financial statements are signed by the head of the organization and (or) other persons authorized to do so by the constituent documents of the organization.

Article 5. Audit of consolidated financial statements

The annual consolidated financial statements are subject to mandatory audit. The auditor's report is provided and published together with these consolidated financial statements.

Article 6. Supervision of presentation and publication of consolidated financial statements

The Central Bank of the Russian Federation supervises the presentation and publication of consolidated financial statements by organizations.

Article 7. Publication of consolidated financial statements

1. The organization must publish annual consolidated financial statements.

2. Consolidated financial statements are considered published if they are posted in public information systems and (or) published in the media accessible to persons interested in them, and (or) other actions have been taken in relation to these statements to ensure their accessibility to everyone persons interested in it, regardless of the purpose of obtaining this reporting, according to a procedure that guarantees its location and receipt.

3. Publication of consolidated financial statements is carried out by the organization no later than 30 days after the date of presentation of such statements to users provided for in Article 4 of this Federal Law.

Article 8. Final provisions

1. Organizations prepare, present and publish consolidated financial statements starting with reporting for the year following the year in which IFRS are recognized for application in the territory of the Russian Federation, except for the cases specified in part 2 of this article.

2. Organizations whose securities are admitted to organized trading by being included in the quotation list and which prepare consolidated financial statements according to internationally accepted rules other than IFRS, as well as organizations whose bonds are admitted to organized trading by being included in the quotation list , are required to present and publish consolidated financial statements starting with the statements for the year following the year in which IFRS are recognized for application in the Russian Federation, but not earlier than with the statements for 2015.

President of Russian Federation
D. Medvedev

Article 1. Relations regulated by this Federal Law

1. This Federal Law establishes general requirements for the preparation, presentation and publication of consolidated financial statements by a legal entity created in accordance with the legislation of the Russian Federation (hereinafter also referred to as the organization).

2. For the purposes of this Federal Law, consolidated financial statements mean systematized information reflecting the financial position, financial results of operations and changes in the financial position of an organization, organizations and (or) foreign organizations - a group of organizations determined in accordance with International Financial Reporting Standards (hereinafter - IFRS).

Article 2. Scope of this Federal Law

1. This Federal Law applies to:

1) to credit organizations;

2) to insurance organizations;

3) to other organizations whose securities are admitted to trading at stock exchanges and (or) other organizers of trading on the securities market.

2. If federal laws provide for the preparation, and (or) presentation, and (or) publication of consolidated financial statements (consolidated financial statements, summary (consolidated) statements and balance sheet) or if the constituent documents of an organization not specified in Part 1 of this Articles provide for the presentation and (or) publication of consolidated financial statements, such statements are prepared in accordance with this Federal Law.

3. The procedure for the presentation and (or) publication by credit institutions of other types of financial statements prepared in accordance with IFRS, as well as the procedure for using such statements and consolidated financial statements for the purposes of banking supervision, are determined by the Central Bank of the Russian Federation.

4. The specifics of the procedure for the presentation and publication of consolidated financial statements by organizations carrying out state defense orders are established by the Government of the Russian Federation.

Article 3. Preparation of consolidated financial statements

1. Consolidated financial statements are prepared in accordance with IFRS.

2. The consolidated financial statements of the organization are prepared along with the financial statements of this organization, compiled in accordance with Federal Law of November 21, 1996 N 129-FZ “On Accounting”.

3. On the territory of the Russian Federation, IFRS and Interpretations of IFRS are applied, adopted by the Foundation of the Committee on International Financial Reporting Standards and recognized in the manner established taking into account the requirements of the legislation of the Russian Federation by the Government of the Russian Federation in agreement with the Central Bank of the Russian Federation.

Article 4. Presentation of consolidated financial statements

1. Annual consolidated financial statements are presented to the participants of the organization, including shareholders. Annual consolidated financial statements are also presented:

1) organizations, with the exception of credit institutions, to the authorized federal executive body;

2) credit organizations to the Central Bank of the Russian Federation.

2. Interim consolidated financial statements are presented to the participants of the organization, including shareholders, if such presentation is provided for by its constituent documents. Credit organizations also submit interim consolidated financial statements to the Central Bank of the Russian Federation in cases established by the Central Bank of the Russian Federation.

3. Annual and interim consolidated financial statements are presented to the participants of the organization, including shareholders, in the manner determined by the constituent documents of the organization.

4. Submission of annual consolidated financial statements by organizations, with the exception of credit institutions, to the authorized federal executive body is carried out in the manner determined by the Government of the Russian Federation.

5. Submission of annual and interim consolidated financial statements by credit institutions to the Central Bank of the Russian Federation is carried out in the manner determined by the Central Bank of the Russian Federation.

6. Consolidated financial statements are presented to users provided for in this article in Russian.

7. Annual consolidated financial statements are presented before the general meeting of the organization’s participants, but no later than 120 days after the end of the year for which these statements were prepared.

8. Consolidated financial statements are signed by the head of the organization and (or) other persons authorized to do so by the constituent documents of the organization.

Article 5. Audit of consolidated financial statements

The annual consolidated financial statements are subject to mandatory audit. The auditor's report is provided and published together with these consolidated financial statements.

Article 6. Oversight of presentation and publication of consolidated financial statements

1. Supervision over compliance with the deadlines for the submission and publication of consolidated financial statements by organizations, with the exception of credit institutions, is carried out by the authorized federal executive body determined by the Government of the Russian Federation.

2. Supervision over the presentation and publication of consolidated financial statements by credit institutions is carried out by the Central Bank of the Russian Federation.

Article 7. Publication of consolidated financial statements

1. The organization must publish annual consolidated financial statements.

2. Consolidated financial statements are considered published if they are posted in public information systems and (or) published in the media accessible to persons interested in them, and (or) other actions have been taken in relation to these statements to ensure their accessibility to everyone persons interested in it, regardless of the purpose of obtaining this reporting, according to a procedure that guarantees its location and receipt.

3. Publication of consolidated financial statements is carried out by the organization no later than 30 days after the date of presentation of such statements to users provided for in Article 4 of this Federal Law.

Article 8. Final provisions

1. Organizations prepare, present and publish consolidated financial statements starting with reporting for the year following the year in which IFRS are recognized for application in the territory of the Russian Federation, except for the cases specified in part 2 of this article.

2. Organizations whose securities are admitted to trading on stock exchanges and (or) other organizers of trading on the securities market and which prepare consolidated financial statements according to internationally accepted rules other than IFRS, as well as organizations whose bonds are admitted to trading at stock exchanges and (or) other organizers of trading on the securities market are required to present and publish consolidated financial statements starting with reporting for the year following the year in which IFRS are recognized for application in the territory of the Russian Federation, but not earlier than reporting for 2015.

President of the Russian Federation D. Medvedev