Some practical aspects of the consolidated financial reporting in the Russian Federation

The article covers the process of implementation of the basic elements of the International Financial Reporting Standards (IFRS) for financial reporting in Russia. The authors evaluate the relevance of the federal law “On consolidated financial reporting" and consider the features of the first consolidated reporting formation in accordance with the IFRS. The article discusses a question of IFRS quality and the expansion of its application scope in Russia for financial reporting.