New Federal Law "On Accounting" as a Consequence of IFRS Introduction
In connection with the IFRS introduction in 2012, the need of developing the legislative basis for the convergence of international financial reporting standards and Russian accounting standards hasemerged. In the present work major differences in the law “On accounting” are examined in the view of requirement of IFRS reporting. It is concluded that new Federal law No 402-FZ “On accounting” has set key principles of accounting and the role of IFRS in Russian legislation system and has become a legislative basis for further convergence of two systems.