Cooperatives to switch to sectoral accounting standards from 2025
9 June 2021
News
Consumer credit cooperatives, agricultural consumer credit cooperatives and housing savings cooperatives will need to comply with the requirements of Bank of Russia regulations on maintaining accounting records and preparing accounting (financial) reporting from 2025 rather than from 2022 as it was planned earlier.
A regulation to this effect will be developed in the third quarter of 2021.
The regulator took this decision considering the effect of the COVID-19 pandemic on the market. The not-for-profit nature of the cooperatives’ activities was also taken into account.
Until 2025, the cooperatives will continue to maintain their accounting records in accordance with the regulations of the Ministry of Finance of the Russian Federation.
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