Prerequisites of application of foreign standards for formation of financial statements by Russian oil and gas companies

The article is devoted to the main prerequisites for the application of foreign standards in the formation of financial statements by oil and gas companies in Russia. It examine alsos the specifics of accounting and reporting in the oil industry. Today more and more companies are moving to IFRS in the preparation of their financial statements. This trend is caused by many reasons, one of the main is attracting investors and transition to transparency in the reporting.