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On April 20, 2010 a round table “Simplified System of Accounting and Drawing up Financial Statements for SME” was held, organized by The RF Ministry of Finance and Foundation “National Organization for Standards of Financial Accounting and Reporting” (NSFO). The Chairman of the event was Askold Birin, Partner, Director of FBK International Reporting Department

Within the meeting, a research of NSFO conducted under the order of The RF Ministry of Finance was presented, where opportunities of applying simplified accounting by SME were reviewed. As Askold Birin told the audience, the principle objective is reducing workload of SME, associated with accounting and preparation of reporting. However, according to the expert, it became clear from the speeches of the meeting, that at the moment, not all the users of reporting are ready for transfer of SME to simplified system. So, state statistical authorities are not ready. “When discussing NSFO research, participants of the round-table discussion came to conclusion that the most considerable simplifications for SME should be not in the field of bringing down requirements towards accounting, but in transfering to the “one office” system, i.e. to compiling one reporting for all purposes”, Askold Birin noted.

Representatives of The RF Ministry of Economic Development, The RF Central Bank, The RF Federal Service for Financial Markets, The RF Higher Arbitration Court, The RF Federal Meeting, representatives of SME public associations, scientific sphere, as well as heads of accounting and financial departments of companies took part in the discussion. Summarizing the results of the meeting, Director of Department of Regulation of State Financial Control, Audit Activity, Accounting and Reporting of the RF Ministry of Finance, Leonid Schiedmann assured participants of discussion that work in this line will be continued. According to him, The Ministry of Finance are preparing draft Accounting Provisions for SME.