Draft law providing for amendments to law on accounting and financial statements registered in parliament

On April 16, the People’s Council registered the draft law “On Amendments to the DPR Law “On Accounting and Financial Statements”.” Olga Gryaznova, member of the Committee on Budget, Finance and Economic Policy, told this the press service of the People’s Council.

According to the parliamentarian, the introduction of changes envisaged by the draft law will help streamline and unify accounting and financial reporting standards in all economic entities.

“The draft law provides that the DPR Government empowers the republican executive authority to carry out the functions of formulating state policy and legal regulation in the field of accounting and financial statements.

One of the main functions of the authorized republican body will be joint work with the Central Republican Bank of the DPR to create and approve programmes for the development of republican accounting standards, and then to establish the standards themselves,” Olga Gryaznova informed.

The deputy added that the authorized body would also establish the procedure for drawing up accounting and financial statements by organizations of the public sector if they are reorganized or liquidated.

“At the same time, the bill complements the Law with norms regarding the requirements for the chief accountant of a public sector organization,” the parliamentarian concluded.

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