[1] For historical reasons, the Russian Accounting Standards framework has been determined by the state, rather by professional bodies.
[2] The primary users of RAS are state and tax authorities, rather than management or third parties.
[2] Under RAS, a specific layout is mandatory for the balance sheet and other statements.
[4] IFRS are generally deemed more relevant to the needs of investors.
[5] Major reasons for deviation between Russian GAAP and IFRS / US-GAAP (e.g. when the Russian affiliate of a larger group need to be consolidated to the mother company) are the following: