The second consultative meeting of the Russian Corporate Governance Roundtable’s Task Force was held in Moscow on 30 June–1 July 2004. The meeting focused on the discussion of a draft report “Priorities for Transition to IFRS in Russia”.
The work of the OECD Task Force 1 on the Implementation of International Financial Reporting Standards (IFRS) emanates from the work of the Russian Corporate Governance Roundtable (1). In 2002, the Russian Roundtable issued a White Paper on Corporate Governance (2) that provides guidance on how to enhance corporate governance in the Russian Federation. Among its recommendations, the White Paper identifies a full and quick adoption of IFRS for listed and widely held non-listed companies as a critical ingredient for improving transparency. In order to promote the achievement of this goal, a task force was assembled of Russian and OECD experts to establish priorities for implementation.
This meeting was one in a series of consultations leading to the development of the report. The Russian Federal Service for the Financial Markets (FSFM), the Ministry of Finance and the Ministry of Economic Development and Trade were actively involved in the consultations and the preparation of the report. As such, it represents a shared vision of reform and is already being incorporated into the government’s own strategy for transition to IFRS.
(1) The Russian Corporate Governance Project is co-funded by the European Union under its Tacis programme and the Global Corporate Governance Forum.
(2) The Russian Corporate Governance Roundtable was established in 1999 by the OECD and the World Bank Group in close partnership with the Russian policy-makers, regulators and market participants. The Roundtable and White Paper were developed using the OECD Principles on Corporate Governance. The OECD Principles support “the development of high quality internationally recognised standards, which can serve to improve transparency and the comparability of financial statements and other financial reporting between countries.”