IFRS in Russian: how to work with translations of the international standards

Who applies IFRS in Uzbekistan from 2026

• public interest entities (Presidential Resolution PP-282): issuers listed on an exchange, banks, microfinance organisations, payment organisations, investment funds, exchanges; companies with a state share of 50% or more and large organisations — with assets and revenue of at least 1 million BCV (base calculation value) for two years in a row (for large organisations, also 500 or more employees) (Regulation No. 3736);
• PIEs are included in the Register every year by 1 July and keep their books under IFRS from 1 January of the following year;
• others may switch voluntarily by notifying the tax authority by 1 March; those voluntarily preparing IFRS statements are exempt from NAS (national accounting standards) reporting (PP-4611).

Where to look for Russian-language versions

The main reference point is official translations published by authorised organisations. Their terminology has been agreed, so they are suitable for practical work.

The second source is materials from audit firms and professional bodies: Russian-language analyses of the standards with examples. They do not replace the text of the standard, but they help to understand it.

• official translations of the standards
• analyses and commentary by professional bodies
• methodological materials of audit firms
• textbooks on international financial reporting

How a translation differs from the original

The legally authoritative text is the one in the original language. A translation is a tool for understanding, and where interpretations differ, the meaning of the original text prevails.

The practical consequence: on matters of principle, where the wording determines the decision, it makes sense to check against the original or consult a specialist who works with it.

The terminology problem

Some concepts of the international standards have no exact equivalent in familiar local accounting terminology. Translators choose terms close in meaning, which sometimes creates a false sense of familiarity.

A classic example is concepts related to recognition and derecognition, fair value and impairment. A familiar word can bring with it a familiar interpretation that does not match the standard.

• recognition and derecognition
• fair value
• impairment of assets
• materiality of information
• control and significant influence

Whether the version is current

The standards change from time to time, and translations are updated with a delay. Working from an outdated Russian-language version is a common cause of auditor comments.

So before preparing financial statements it is worth checking which version of the applicable standard is in force and whether any amendments affecting your transactions have taken effect.

About the financial instruments standard

Requests for IFRS 9 in Russian are especially frequent. This standard deals with financial instruments: the classification and measurement of financial assets and liabilities, including receivables and investments.

In practice its most significant part is the expected credit loss model. The allowance is based on expected losses rather than on an overdue payment that has already occurred, which requires professional judgement and documented assumptions.

How to organise the work in practice

A sensible approach: the translation is used for understanding, key decisions are recorded in the company’s accounting policy in Russian, and a specialist is brought in on contentious issues.

The accounting policy plays the key role here. It turns the requirements of the standards into specific rules for your company, and it is what the accounting team relies on in day-to-day work.

Differences between translations from different sources should also be taken into account. The same term may be rendered differently in two publications, and reading several materials gives a sense of contradiction where there is none. The solution is simple: choose one main translation as your working version and stick to its terminology in the accounting policy and internal documents. Consistent wording within the company matters more than the search for a perfect translation — it saves the accounting team from constant doubt about whether the same concept is meant.

It is also worth remembering that a translation does not remove the need for professional judgement. Even a flawlessly translated standard does not contain a ready answer for a specific situation: it sets principles, and the specialist makes the decision. Expecting to find the answer word for word in the text is a typical beginner’s mistake. Practice shows it is more productive to work through the standard on your company’s own transactions straight away and to turn to the text to check your reasoning rather than for a ready-made recipe.

• the accounting policy as a working document
• recording assumptions and judgements made
• checking that the versions applied are current
• advice on contentious issues
• training the accounting team in the terminology of the standards

Support from Leader Audit

We help companies apply the international standards in practice: we develop the accounting policy, prepare the conversion model and explain the requirements in terms of your transactions.

13 years of practice and more than 220 audits allow us not to retell the text of the standard but to show what it specifically means for your financial statements.

• accounting policy under the international standards
• analysis of the applicable standards for your transactions
• conversion of financial statements
• preparation of notes and disclosures
• audit of IFRS financial statements