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New Russian GAAP. Generally Accepted Accounting Principles
Regulations on accounting GAAP PBU 23/2011
Approved a new Russian GAAP PBU 23/2011 "Statement of Cash Flows".
Order of the Russian Ministry of Finance from 02.02.2011, № 11N (MOJ number 20336), effective from the annual financial statements for 2011, approved by the GAAP PBU 23/2011 "Statement of Cash Flows", which is part of the accounting organizations. Introduction of GAAP due to the fact that since the annual accounts for 2011, introduced new forms of accounting (Order of the Russian Ministry of Finance from 02.07.2010, № 66n).
Regulations on accounting GAAP PBU 8/2010
Approved Russian GAAP PBU 8/2010 "Provisions, Contingent Liabilities and Contingent Assets".
Order of the Russian Ministry of Finance from 13.12.2010, № 167n (MOJ number 19691), effective from accounting for 1st quarter of 2011, approved GAAP PBU 8/2010 "Provisions, Contingent Liabilities and Contingent Assets. "New GAAP replaces previously in force GAAP PBU 8/01 "Contingencies of Economic Activity" (Order of the Russian Ministry of Finance from 28.11.2001, № 96n) and must be applied by all entities, except small businesses, not the issuer of publicly placed securities.
Regulations on accounting GAAP PBU 22/2010
Approved a new Russian GAAP PBU 22/2010 "Correction of errors in accounting and reporting".
The Order of the Ministry of Finance of Russia from 6/28/2010 № 63n (the Ministry of Justice № 18008), coming into force from annual accounts for 2010, is entered new GAAP 22/2010 “correction of errors in the business accounting and the reporting”.
By the Document it is established that material mistakes (importance level is determined by the organization independently) are subject to obligatory reflection in the reporting. Thus the errors revealed till the moment of signing and representation of the reporting, are corrected in this current accounting period. If the specified accounting records have been presented any other users it is subject to replacement by the reporting in which the revealed material mistake is corrected (the reviewed accounting records).
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