The Ministry of Finance has approved Federal Accounting Standards 4/2023 “Accounting (Financial) Reporting”. It will replace PBU 4/99 and Order No. 66n. The new FAS shall be applied starting from the reporting for 2025. It will not be adopted ahead of schedule.

All economic entities, except for budgetary organizations and the Bank of Russia, must apply the FAS. You do not need to use the standard if you are forming consolidated financial statements or creating information to make up statements not for the purposes of the Accounting Law.

The standard establishes:

  • the composition of the financial statements;
  • the composition and content of information to be disclosed in the statements (including sample forms);
  • the procedure for preparation of financial statements;
  • conditions of its reliability;
  • requirements for simplified and interim financial statements.