The standards and interpretations included in this publication are those that are mandatory for an annual reporting period beginning on 1 January 2012.
KPMG’s DPP in Russia and the CIS has published a practical guide called A Comparative Analysis of IFRS vs RAP. The publication helps in understanding the significant differences between International Financial Reporting Standards and Russian GAAP.
The publication covers only significant distinctions most commonly encountered in practice. However, the significance of any difference will vary by entity. Some differences that appear major may not be relevant to some companies; on the other hand, a seemingly minor difference may cause organisations significant additional work.
The guide focuses on recognition, measurement and presentation, rather then on disclosure; therefore, disclosure differences generally are not discussed.
The IFRS requirements are discussed on the basis that the entity has adopted IFRSs already. The special transitional requirements that apply in the period in which an entity changes its national GAAP to IFRS are discussed in KPMG’s Insights into IFRS publication.
The new publication is organised into topics, following the typical presentation of items in financial statement items and consistent with Insights into IFRS. A summary of IFRS requirements is included in the left-hand column. In the right-hand column Russian GAAP is compared to IFRS, highlighting similarities and differences.