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Banks to report under IAS in 2004 - 20 March, 2003

The Russian Central Bank expects Russian commercial banks to start reporting under International Accounting Standards (IAS) beginning July 1, 2004, head of the department for banking regulation and supervision of the Central Bank Alexey Simanovsky stated to journalists. He pointed out that beginning July 2004, banks would report financial results of 2003 and the second quarter of 2004 under IAS. They are expected to report under two systems of standards, the Russian and international, in 2004 to 2006. Beginning January 1, 2007, IAS are coming into force. The instruction for transferring bank reports to IAS will be presented for discussion by the Central Bank's Board of Directors by July 1, 2003.