International Center for Accounting Reform (ICAR)

In February 1998 the International Center for Accounting Reform (ICAR) was established in Moscow by the European Bank for Reconstruction and Development (EBRD), American Chamber of Commerce (Am Cham), the German Business Association, the Foreign Investment Advisory Council (FIAC) and the Institute of Professional Accountants (IPA). ICAR has been constituted as a non-profit making, non-government Russian legal entity with a limited lifespan. In May 1998 ICAR set up its offices in Moscow.

ICAR was established as part of the Russian Government's plan for the reform of the accounting system towards IAS as set out in Government order number 283 of 6 March 1998. ICAR will be working closely with the Inter Agency Commission for Accounting Reform (IAC) chaired by Minister Mr E.Yasin, who was a significant influence in the creation of the ICAR.

ICAR provides professional assistance to Russian official bodies engaged in the complex process of developing new accounting rules based on International Accounting Standards, known as IAS. IAS are promulgated by the International Accounting Standards Committee (IASC). ICAR expects to coordinate foreign technical assistance and to ensure advice is provided in a highly professional manner and not biased by any particular countries' or individuals experiences. ICAR has been helping in the production of the Russian translation of IAS, which is being officially endorsed by the IASC and MinFin.

ICAR holds seminars, conferences, and workshops in the process of developing new Russian accounting rules. ICAR has and is working on the dissemination of IAS based reforms beyond Moscow, so far covering Sakhalin, Tula, and Novgorod regions.

ICAR is providing advice to MinFin, the Securities Commission and others on the drafting of new Russian accounting standards for:
� Income
� Expenses
� Contigencies
� Earnings per share
� Investments
� Post Balance Sheet Events

ICAR assisted in accounting, audit and financial development of the Russian State Pension Fund and State Employment Fund. ICAR anticipates working in the following areas where some official requests have already been made.
� New Accounting Standards (including leasing and financial instruments)
� Insurance Accounting
� Accounting for small and medium sized enterprises
� Taxation effects on financial accounting
� Methodological guidance and detailed instructions to apply new IAS based Russian Standards in practice
� Regulatory accounting and audit
� Pilot Projects in particular industry sectors
� Audit Standards
� Accounting by social welfare funds

Current international partners include: USAID, Know How Fund, and Tacis.

This information was posted to CCSI's Organizational Guestbook May 1999.

Last updated:    June 1999

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