Analysis of the application of international financial reporting standards for drawing up consolidated financial reporting in Russia

Abstract

Purpose-The purpose of this research is to study the practice of dissemination of IFRS in Russia, and to disclose the quantitative characteristics of their use. Findings-The paper reveals the dynamics of the involvement of Russian largest companies by sales revenues for the period 2005-2017 in the practice of drawing up financial reporting using IFRS. Also their industry affiliation was analyzed. The changes in the reasons that led to the described practice were studied. And these reasons were identified by comparing the results of the survey of more than 300 companies. Originality/value. The originality of this research is determined by the data presentation on the application of IFRS by the largest Russian companies by sales revenues, the total revenue of which in 2017 is 77.26% of Russian GDP, and the fact that despite the current legislative requirement for the drawing up the financial reporting using IFRS by certain groups of companies, such as banks, funds, insurance companies, the key role for the IFRS application belongs not to a legislator, but to the owners of companies.