Category: Accounting
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
PROGRAM
1. Features of liquidation of foreign subsidiaries in 2024-2025.
Daria Pogodina, CEO of swilar
2. Liquidation audit – features of the procedure.
Olga Grigorieva, CEO of Shterngoff Audit
3. Closing representative offices and branches of foreign companies – what to consider?
Daria Pogodina, CEO of swilar
4. Features of termination of employment relations with employees during company liquidation.
Elena Balashova, Managing Partner of Balashova Legal Consultants
5. Planning the budget and financing of the company during the liquidation period.
Natalia Samonova, Head of Controlling Projects of swilar
6. Business valuation in Russia for the purpose of submission to the Government Commission.
Alexey Sitnikov, Director, Swiss Appraisal
Online seminar 13.12.2024: Doing Business in Russia – Practical Experience in New Circumstances
PROGRAM
Detailed reviews and Q&A session with experienced experts on the following topics
1. Doing business in Russia
legal, tax, HR and migration issues. Basics.
2. Overview on bank transaction with Russia
SWIFT, currency exchange and other.
3. Practical experience of foreign companies in Russia
FAQ in the regular business processes.
Topics 2025: Practical Experience and Recommendations for Business Operations in Changing Conditions
PROGRAM
1. Current situation with international payments — overview and practical recommendations. Cryptocurrency payments — new opportunities for business?
Daria Pogodina — Managing Partner, swilar
2. Possibilities of transfers within the framework of foreign economic activity in rubles and yuan
Vasily Lukyanenko — Head of Department, JSC OTP Bank, Corporate Business Directorate
3. What to consider when working with personnel
Elena Balashova — Managing Partner, Balashova Legal Consultants
4. Liability insurance as an important element of risk management. Risks of directors and managers
Nikolay Artamonov — Underwriter for financial risks, JSC IC Turikum
5. Audit checklist — main errors identified by auditors in accounting and tax accounting based on the results of 2024 in the context of constant changes. Preparation for the annual audit
Olga Grigorieva – CEO of Shterngoff Audit LLC
6. Logistics and customs risks when importing to the Russian Federation. Latest practice: routes, customs control, inclusion of agent fees, dividends
Anna Dashicheva. Commercial Director of Polar Group LLC
Review of FSBU 4/2023 “Accounting (financial) statements”
Elena Kameneva spoke at the meeting of the Accounting Working Group of the AHC with a report on the topic “Review of FSBU 4/2023 “Accounting (financial) statements””. During the speech, the speaker analyzed in detail the main provisions of the new standard, which came into force in 2023, and its impact on the procedure for preparing and submitting financial statements. The report included an analysis of key changes, features of the standard’s application for Russian companies, as well as practical recommendations for implementing the new approach in accounting practice. The seminar aroused interest among specialists in the field of accounting and finance.
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
02.04.2025
Online seminar 13.12.2024: Doing Business in Russia – Practical Experience in New Circumstances
Account of a Russian LLC abroad
In the context of ongoing difficulties with international payments, many companies have found it necessary to open an account in a foreign bank.
However, it is important to remember that opening a bank account in another jurisdiction imposes a number of additional obligations on the company, including the submission of necessary reports and notifications.
In our review, we will look at how not to violate the law in this situation and how to avoid penalties.
Let’s take a step-by-step look at what a company has to do to comply correctly with all requirements.
1. Notify the Federal Tax Service of Russia.
It is necessary to notify the Federal Tax Service in the following cases:
- opening a bank account outside the Russian Federation;
- closing such an account;
- changing the account details.
All Russian organizations are required to submit the corresponding notification. (Part 2, Part 8 of Art. 12 of the Law No. 173-FZ). The notification should be sent to the tax authority at the location of the organization in the form approved by the Order of the Federal Tax Service of Russia dated 26.04.2024 N SD-7-14/349@, within one month from the date of opening (closing) an account or changing the details, respectively (Part 2 of Art. 12 of the Currency Control Law).
Two forms have been approved: one is for opening and closing an account (Appendix N1), the other is for changing the details of this account (Appendix N2).
The notification can be submitted to the tax authority on paper (in person, through a representative, by registered mail) or in electronic form via telecommunication channels (TCC) or through the taxpayer’s personal account (PA).
When making the first transfer to a bank account abroad, the organization needs to provide the Russian bank with a notification on opening this account with a tax inspector’s note on its acceptance (Part 4 of Art. 12 of the Currency Control Law).
Failure to submit a notification about account or violation of the terms or procedure for submitting it may result in a penalty being imposed on the organization.
Their amounts are established in the Art. 15.25 of the Code on Administrative Offenses of the Russian Federation.
2. Report to the Federal Tax Service on flow of funds.
If a legal entity (resident of the Russian Federation) has foreign accounts, it has to submit a cash flow statement to the tax authority quarterly within 30 days after the end of the reporting quarter, attaching supporting documents: statements or other documents issued by the bank (Decree of the Government of the Russian Federation dated 28.12.2005 N 819 (as amended on 22.05.2024)).
If the documents are drawn up in a foreign language, the organization has to attach a translation into Russian, duly certified in accordance with the legislation of the Russian Federation (cl. 7 of the Rules for the Submission of Reports by Residents – Legal Entities).
The translation can be carried out by an employee of an organization or an organization engaged in translation activities, since the methods of translation are not limited by the law.
If necessary, at the request of the tax authorities, translation into Russian, notarized in accordance with the requirements of the legislation of the Russian Federation, shall be provided.
3. Comply with the currency legislation, in particular, carry out only legal currency transactions.
Contracts with non-residents, the amount of obligations for which exceeds the established threshold, namely, import contracts from 3 million rubles and export contracts from 10 million rubles, must be registered by an authorized bank of the Russian Federation.
The bank will assign a unique number to the contract (cl. 4.2, 5.5 of the Bank of Russia Instruction dated 16.08.2017 N 181-I (as amended on 09.01.2024).
When crediting export proceeds to an account abroad, it is necessary to provide to the authorized bank a certificate of currency transactions for settlements through an account abroad under accounting contracts, as well as provide a bank statement.
The term for providing a certificate of currency transactions for settlements through an account abroad is within 30 working days after the last day of the month in which such transactions were carried out.
4. Is it necessary to repatriate currency?
At present, the obligation to repatriate currency has only been retained for some companies.
From 16.10.2023 to 30.04.2025 inclusive, certain Russian exporters specified in the List approved by the Decree of the President of the Russian Federation dated 11.10.2023 No. 771, are required to credit to their accounts in authorized banks and sell proceeds in foreign currency on the domestic currency market of the Russian Federation within the established period and in the established amounts (cl. 1, 5 of the Decree of the Government of the Russian Federation dated 12.10.2023 No. 1681 “On measures for the implementation of the Decree of the President of the Russian Federation dated October 11, 2023 No. 771”).
The closed list consists of 43 groups of companies belonging to the sectors of the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and grain farming. Exporters are notified of their inclusion in the list within 3 days by the Ministry of Economic Development of Russia.
For companies that are not on the closed list, the amount of foreign currency earnings subject to mandatory sale is currently 0%.
Therefore, if the organization is subject to the cancellation of repatriation, the terms for transferring export proceeds from the organization’s account opened abroad to a Russian bank are not established by regulation, i.e. such funds may remain on account abroad and these funds can be used, for example, for settlement of import or other contracts.
Contacts:
Natalia Safiulina
Nadezhda Kolomnikova
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
29.04.2025
Сhanges in transfer pricing and notifications of controlled transactions
Federal accounting standard FSBU 4/2023 “accounting (financial) statements
The new Federal Accounting Standard FSBU 4/2023 “Accounting (Financial) Statements” is mandatory for use starting with the accounting statements for 2025 in all commercial organizations in the real sector.
The standard regulates the composition and content of information, the composition of appendices to the balance sheet and the statement of financial results, the composition of appendices to the balance sheet and the statement on the proper use of funds, the composition of interim financial statements, sample forms of financial statements and the conditions for the reliability of financial statements.
The composition of the annual and interim financial statements in accordance with the cl. 5 and 6 of FSBU 4/2023 of a commercial organization includes a balance sheet, a statement of financial results and appendices thereto. The appendices to the balance sheet and the statement of financial results consist of a statement of changes in equity, a statement of cash flows, and notes to the balance sheet and the statement of financial results.
Balance sheet
An idea of the financial position of an economic entity as of the reporting date is provided by the disclosure in the balance sheet of at least the following indicators: intangible assets; fixed assets; investment property; deferred tax assets; financial investments; inventory; long-term assets for sale; value-added tax on acquired assets; accounts receivable; cash and cash equivalents; equity (for commercial organizations)/targeted financing (for non-profit organizations); borrowed funds; accounts payable; deferred tax liabilities; provisions (cl. 9 of the FSBU 4/2023).
In addition to the indicators given in the cl. 9 of the Standard, other indicators may be disclosed considering materiality (for example, indicators of goodwill; intangible exploration assets; tangible exploration assets; capital investments in intangible asset objects; capital investments in non-current assets; rights to use the assets investment in a lease; underbillings; lease liabilities (cl. 10 of the FSBU 4/2023).
Statement of financial results
The statement of financial results should give an idea of the financial results of the activities of an economic entity for the reporting period. The statement of financial results discloses information about all income and expenses of an economic entity (cl. 25 of the FSBU 4/2023).
One of the main changes in the statement of financial results is the indicator of profit (loss) from discontinued operations (less the related corporate income tax). It is disclosed separately from profit (loss) from continuing operations before taxation.
Cl. 28 of FSBU 4/2023 determines the procedure for offset between indicators of other income and other expenses. An offset between these indicators is made if they are related to one (for example, the result from the disposal of non-current assets, the result from the disposal of a capital investment object) or several similar facts of economic life (in particular, exchange rate differences, the result of revaluation of non-current assets included in the income or expenses of the reporting period, the result of impairment of non-current assets and recovery of impairment included in the expenses or income of the reporting period). An exception is when the separate presentation of such income and expenses can affect the decisions of users of financial statements or such presentation is provided for by other standards.
Clause 29 of FSBU 4/2023 contains a list of income and (or) expenses that, taking into account materiality, are disclosed in the statement of financial results or notes. This list includes indicators of income and (or) expenses for the reporting period related to the impairment of inventories and reversal of impairment, impairment of non-current assets and reversal of impairment, revaluation and disposal of non-current assets, settlement of litigation and write-off of provisions.
According to the cl. 30 of FSBU 4/2023, the notes disclose information on the composition of expenses for ordinary activities recognized in the statement of financial results (taking into account changes in the balances of work in progress and finished goods). The information is presented in the context of the relevant elements.
Statement of changes in equity
The sample report presents the result of changes in equity for the reporting period, and not separately the increase and decrease in capital, as in the form.
All changes are reflected in one table, including information on the impact on each component of equity of adjustments to the reflection of the consequences of changes in accounting policies and the correction of significant errors in accounting.
The accumulated revaluation of non-current assets is allocated as an independent component of capital.
Statement of cash flows
In the sample report, a separate line singles out cash flow receipts from current operations in the form of interest on accounts receivable from customers. Apart from that, the composition of the information in the sample corresponds to the composition of the information in the form of the cash flow statement, approved by the Order of the Ministry of Finance of Russia dated 02.07.2010 No. 66n.
Notes
The notes disclose information that is necessary for users of financial statements to make economic decisions, but is not disclosed in the balance sheet, statement of financial results, statement on the planned use of funds, statement of changes in equity, or statement of cash flows (cl. 40 of the FSBU 4/2023).
Cl. 46 of FSBU 4/2023 specifies the list of information disclosed in the Notes.
We will be happy to answer your questions regarding FSBU 4/2023.
Contacts:
Eugenia Chernova
Olga Kireyeva
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
29.04.2025
Сhanges in transfer pricing and notifications of controlled transactions
MTPP – Changes in the TCO from 01.01.2024
Evgeniya Chernova spoke at an event of the Moscow Chamber of Commerce and Industry with a report on the topic of “Changes in transfer pricing from 01.01.2024”. During her speech, the speaker analyzed in detail the key innovations that came into force at the beginning of the year, including updated approaches to comparability, documentation structure and control by tax authorities. Particular attention was paid to practical recommendations for preparing reports and adapting internal procedures of companies. The report sparked an active discussion among specialists in the field of taxation and finance.
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
02.04.2025
Online seminar 13.12.2024: Doing Business in Russia – Practical Experience in New Circumstances
Planning the budget and financing of the company during the liquidation period
Evgeniya Chernova spoke at a joint meeting of the Legal Affairs Committee, the Accounting RG and the Controlling RG with a report on “Planning the budget and financing of a company during liquidation”. The speaker covered key aspects of financial planning at the final stage of a company’s activities, including cost control, optimization of resource allocation, tax implications and interaction with counterparties. Both legal and accounting nuances were considered, which made the report especially useful for specialists involved in the liquidation process.
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
02.04.2025
Online seminar 13.12.2024: Doing Business in Russia – Practical Experience in New Circumstances
FSBU 27/2021 and new sanctions restrictions in terms of impact on the IT sector: risks, deadlines, necessary actions
Darya Pogodina spoke at a joint meeting of the Legal Affairs Committee, the Accounting RG, and the Controlling RG with a report on the topic “FSBU 27/2021 and new sanctions restrictions in terms of their impact on the IT sector. Review.” During her speech, the speaker highlighted the key changes in the accounting of intangible assets in accordance with FSBU 27/2021 and analyzed the impact of new sanctions on the IT sector. Practical aspects of implementing new standards in the context of sanctions restrictions were considered, and solutions were proposed to minimize risks. The report was useful for specialists working with IT companies and in the field of accounting.
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
02.04.2025
Online seminar 13.12.2024: Doing Business in Russia – Practical Experience in New Circumstances
Review article “CHANGES IN 2024: Double Taxation Agreements (DTAs), Transfer Pricing, Offshoring and other news”
Exclusively for the Russian Business Guide magazine, Daria Pogodina, Managing Director of swilar presented a review article “CHANGES IN 2024: Double Taxation Agreements (DTAs), Transfer Pricing, Offshoring and other news” providing detailed step-by-step analysis of the changes and their consequences.
You can read the article online in Russian or English, or download two-language article in pdf-format by clicking the “Download ru” button below the message.
Other news
12.05.2025
Online seminar 11/12/2024: Features of liquidation of companies with foreign participation: latest changes and practice
29.04.2025