1. Alexander Kozhuhar Audit Manager
The new law
On accounting
Alexander Kozhuhar Audit Manager
08 Nov 2012

2. TABLE OF CONTENTS Changes in the scope of the law
Changes relating to the maintenance of accounting records
Modification of the basic concepts used in accounting, changes in the accounting entities
Changes in the organization of maintenance of accounting records
Requirements for primary accounting documents, accounting registers and financial statements

3. SCOPE OF application
Old Law
New Law
Commercial and non-commercial organizations
Entities in the territory of the Russian Federation
State bodies, local self-government authorities, administrating authorities of state non-budgetary funds and the territorial state non-budgetary funds
Branches and representative offices of foreign companies located on the territory of the Russian Federation, unless otherwise stipulated by international treaties of the Russian Federation
the Central Bank of the Russian Federation
Individual entrepreneurs, lawyers, who has founded a legal office , notaries and other persons engaged in private practice
Branches, located in the RF, representative offices of entities , established in accordance with legislation of foreign countries, international entities, their branches and representative offices, unless otherwise stipulated by international treaties of the Russian Federation
Audit &Tax • Accounting & Payroll • Legal Services

4. Exempted categories Audit &Tax • Accounting & Payroll • Legal Services
Exempt from maintenance of accounting records:
Self-employed entrepreneur (a person engaged in private practice) - (keeps records of income / expenses and other taxes)
Branch located on the territory of the Russian Federation, representation office, (organization department), established in accordance with legislation a foreign state / (keeps records of income / expenses and other objects of taxation)
Organizations, that received the status of participants of the "Skolkovo' projects, have a right to apply simplified methods of accounting
Audit &Tax • Accounting & Payroll • Legal Services

5. ACCOUNTING items Audit &Tax • Accounting & Payroll • Legal Services
Property
Liabilities
Business transactions
Assets
Economic events
Income
Expense
Financing sources of activity
Other objects
Old Law
New Law
Audit &Tax • Accounting & Payroll • Legal Services

6. CHANGE of concepts Audit &Tax • Accounting & Payroll • Legal Services
Information about the financial position of the subject at the balance sheet date , financial results of activity, and cash flows for the reporting period classified in accordance with certain requirements
Accounting (financial) statements
Accounting standard
Document that establishes the minimum requirements for accounting and also acceptable methods of accounting
International standard
Accounting standard, the use of which is the custom in international business practice regardless of the specific name of this standard
Economic event
Transaction, event or operation, which have or can have an impact on the financial position, financial result, and (or) cash flows
Audit &Tax • Accounting & Payroll • Legal Services

7. Conclude a contract for accounting with provider
ACCOUNTING management
Head of the economic entity with the exception of the credit institution is obliged to:
delegate the accounting function to the chief accountant or other official
Conclude a contract for accounting with provider
Head of the credit institution is obliged to delegate accounting on Chief Accountant
Head of small and medium-sized business entities may take on accounting responsibility himself
Audit &Tax • Accounting & Payroll • Legal Services

8. for primary documentation
REQUIREMENTS
for primary documentation
Shall be written in the specific format
Documents, the form of which is not available in this format, shall contain the required details:
Forms of primary accounting documents should be approved by the CEO of the entity upon the recommendation of person responsible for accounting and must contain:
Old Law
New Law
- the name of the document
- date of preparation
- the name of the economic entity
- the content of facts of economic life
- the value of natural and (or) money measurement of the fact of economic life including units of measurement
- job title of the person(s) who made a transaction, operation and job title of the person(s), who is responsible for the accuracy of their registration
- signatures of the persons
Audit &Tax • Accounting & Payroll • Legal Services

9. REQUIREMENTS for registers / ledgers
Old Law
Form of accounting registers defined in the law
Business transactions are recorded in the accounting registers in chronological order and grouped by the respective accounts of accounting
New Law
Forms of accounting registers should be approved by the manager of the economic entity upon the recommendation of person responsible for accounting
- registers mandatory requisites are:
- the name of the register
- the name of the economic entity, composed the register
- start and end dates of maintenance the register
- chronological/ systematic grouping of accounting entities
- cash-value units of measurement of accounting entities
- job positions of the persons responsible for the maintenance of the register and their signatures, showing the surnames and initials
Audit &Tax • Accounting & Payroll • Legal Services

10. COMPOSITION of reporting
Old Law
Financial statements of entities (except for public organizations engaged in entrepreneurial activity) consist of:
- balance sheet
- profit and loss account
- appendices to them provided by standard regulation
- audit report, if it is subject to mandatory audit in accordance with federal laws
- explanatory notes
New Law
Annual accounting (financial) statements of commercial organizations (except the Bank of Russia, non-profit organizations and the public sector) consists of:
- income statement
- appendices to them
Audit &Tax • Accounting & Payroll • Legal Services

11. consult@acg.ru www.acg.ru
Market
Expertise
Global Perspective
Russia
105005, Moscow
ul. Baumanskaya 6, bldg.2
Suite 910
Теl/fax: +7 (495)
USA
117 Marva Oaks Dr.
Woodside, CA 94062
Tel/fax: +1 (650)