Starting with the financial reporting for 2025, companies will be required to comply with the new FSBU 4/2023 “Accounting (Financial) Reporting” standard. This new standard replaces the PBU 4/99 and Order No. 66n, and in the opinion of the lawmakers, it systematizes the rules that were previously scattered across various regulatory documents but were not sufficiently well-defined and harmonized.
The composition of the financial statement has not been changed, but there are some changes to the reporting rules under the new FSBU. These include:
the concept of ‘financial statement’ as a collection of interconnected forms has been established;
a definition of what information is essential for inclusion in financial statement has been provided;
rules for presenting reporting indicators in a condensed format have been set;
a minimum list of indicators that must be included in the financial reports, regardless of their significance, has been set;
a list of total indicators for all types of accounting forms has been established;
requirements for the design of the headings of the forms have been introduced, depending on the purposes of its preparation;
simplified reporting rules have been clarified and fixed;
a detailed procedure for signing financial statements has been established;
conditions for the reliability of financial statement have been determined.
The new standard does not include transitional provisions and does not require changes to accounting procedures. However, companies should prepare in advance for the implementation of FSBU 4/2023 and verify their accounting policy to ensure compliance with the new standard. For more information, please refer to the Information Message from the Ministry of Finance dated March 26, 2024, No. ИС-УЧЕТ-50.
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