Russian Accountant

A Russian accountant has to be specially trained in order to understand the Russian system in accounting and financing. Accountants in Russia must respect different standards than the international ones. However, some similarities to International Accounting Standards exist in terms of using a double entry bookkeeping system, balance sheet continuity, recording of assets under original cost of purchase and evaluation of assets and liabilities of foreign currency at a market exchange rate established that day by the Central Bank of Russia. Accountants in Russia do not have to deal with invoices, since these files have no legal importance and are not accounted in Russia. Still, documentation is very important in Russia and Russian accountants spend a lot of time calling each other in order to acquire signatures, stamps or different types of documents. Also, accountants in Russia perform a monthly record of expenses in the balance sheet which is sent to the profit and loss account. Accountants in Russia are regulated by the Federal Law concerning Accounting of 21 November 1996. There were 3.5 million accountants in Russia in 2009. The Institute of Professional Accountants in Russia certifies Russian accountants and collaborates with the Ministry of Finance for the development of professional ethical standards.

Admission

Accountants in Russia used to have a low reputation since their responsibility was mainly to inform and not make decisions. Accounting training in Russia used to be based on economics, finance and accounting, as well as training in technical accounting procedures. Now, accountants in Russia must have a degree in higher professional education approved by the Russian government. They should also be members of the Institute of Professional Accountants in Russia in order to become professional accountants in Russia.

Activities

Accountants in Russia must keep records in roubles and prepare documents according to Russian standards, since these are the guiding lines for Russian companies’ analysis. Accountants in Russia must prepare financial statements annually, including balance sheet, income statement, cash flow statement, summary of accounting policies and other accounting information requested. A Russian accountant is also responsible for filing the statutory financial statement with the tax authorities before the 1st April. Accountants in Russia can also act as auditors for joint stock companies, banking, insurance and investment companies, companies with annual revenue that exceed 50 million RUB or total assets that value more than 20 million RUB. An accountant in Russia is also a consultant for the company on possible financial actions.

BridgeWest offers assistance for setting up a company in Russia, including virtual office and other related services.