- Awara
- August 5, 2025
- 34
Management Reporting
The following article is an excerpt from Awara Doing Business in Russia Guide 2025. Awara offers an ultimate guide of why Russia is a great place to do business, and how to realize your successful market entry.
In order to obtain data on the financial status of companies in Russia, as well as for the purposes of preparing consolidated group reports, most international companies require management reporting to be prepared. The main differences between Russian reporting and management reporting are as follows:
| Characteristic | Management reporting | Russian reporting |
| Reporting standards | IFRS or other standards used by the group | Russian accounting standards |
| Reporting period | Monthly (or any other period) | Annual |
| Reporting deadlines | Set by the group. Fast closing – reports are submitted before the month end or on the first days of the month. | Set by the law, that provides more time to complete closing of books procedures (e.g. for annual reports by end of March of the next year) |
| Format of reports | In Excel templates (in most cases), provided by the group | In formats prescribed by the accounting law |
| Financial year | 12 months (or 52-week period) | From 1 January to December 31 (calendar year) |
| Users of reports | Shareholders, management, investors, auditors | Tax office mainly, management |
| Reporting currency | Any currency | Rubles only |
| Reporting language | English (other set by the group) | Russian only |
| Reporting statements | In addition to standard P&L and BS statement, the group can ask to prepare other detailed forms and breakdowns to have more information on business | The set of financial reporting statements are limited and set by the law |
| Detalization level | A deeper analysis of income/expenses, account payable and receivable, etc. | The detalization level is limited by the statutory reporting format |
| Accounting method | Accrual method | Accrual method |
| Basis for accounting records | Local accounting records, other sources (accruals are widely used) | Primary accounting documents only |
| Closing of accounting period (cut off) | No adjustments are possible in already closed periods | The adjusting entries can be done within the year |
| Reporting system | Transformation of financial data from local accounting system to Excel templates in many cases | 1C Accounting (and other local accounting systems) |
| Chart of accounts | Company can use its own-designed chart of accounts | Unified chart of accounts |
