Russian cbank says to oblige bks submit quarterly IFRS reports

MOSCOW, Mar 23 (PRIME) -- The Russian central bank has issued an order obliging banks to submit consolidated quarterly reports under International Financial Reporting Standards (IFRS), according to a statement published on the authority’s Web site on Wednesday.

Russian banks submit IFRS financial reports every six months and annual IFRS reports are accompanied by auditor notes.

“The order envisages that interim consolidated financial reports must be submitted by headquarter credit organizations of banking groups on a quarterly basis,” the central bank said.

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