Public Russian Companies to Use IFRS by 2013, Kommersant Says

Public companies in Russia will begin using International Financial Reporting Standards in 2012 and publish their accounts on this basis in 2013, Kommersant said, citing Leonid Shneidman, a Finance Ministry official.

At present, 65 percent of public companies report earnings using international standards, the newspaper said.

OAO Surgutneftegas, Russia’s fourth-largest oil producer and the oil company with the most cash, reports using only Russian accounting standards.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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