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Public Russian Companies to Use IFRS by 2013, Kommersant Says

Dec. 13 (Bloomberg) -- 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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