Every enterprise in Russia has a responsibility to maintain its books of accounts. Accounting rules are more or less similar for organizations and individual entrepreneurs in any sector.
According to the Russian laws, financial statements of an enterprise are not considered as its commercial secret. Thus, the users of such financial statements may be both insiders — management, shareholders, owners and outsiders such as investors, creditors or rating agencies.
The main peculiarity of the Russian accounting is that such reporting are, primarily, intended for the tax services. Russian Accounting Standards are mandatory for application and incompliance with the standards may result in fines.
Financial statements make the basis for tax reporting. Besides, the tax authorities decide on the feasibility and efficiency of economic operations based on the accounting data.
Russian statistics agencies are using financial statements as well. For these reasons harmonization of documents and accuracy of data are very important.