GIRBO (state information resource of financial statements)

History

2024

Vladimir Putin signed a law on the transfer to the GIS of the conclusion on the financial statements of companies

On December 26, 2024, Russian President Vladimir Putin signed a law on placing the consolidated financial statements of companies according to international financial reporting standards (IFRS) on the state information resource of financial reporting (GIRBO).

The explanatory note states that as of 2024, access to the financial statements of organizations in Russia is significantly limited. Disclosure of such data is carried out in a number of isolated sources, in particular, on the website of the compiler of the statements, as well as on resources provided by accredited agencies - distributors of information on the securities market. In this regard, for the vast majority of interested parties, including government agencies, access to financial statements of organizations is difficult.

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Фото: Kremlin Website

In accordance with the law, audit organizations will send conclusions to the tax authorities on the reporting of companies and the reporting itself under IFRS for placement in the information resource of the Federal Tax Service (FTS). In this case, the information contained in the financial documentation will be protected from unauthorized or undesirable dissemination.

The adopted law is aimed at ensuring guaranteed access to the consolidated financial statements, the reliability of which is confirmed by an independent auditor. GIRBO will simplify the search for the necessary data, improve the quality and usefulness of the information received, including the ability to process it and form a sample based on various features, as well as reduce the number of requests for targeted reporting. It is expected that legal entities, individuals, federal executive bodies and other state bodies, as well as the Bank of Russia will become users of GIRBO.^[1]

The Government of the Russian Federation approved the placement of companies' IFRS statements on the FTS service

On November 7, 2024, the Government of the Russian Federation approved the draft law of the Ministry of Finance on the placement of company reports on ISFR (International Standards of the Financial Reporting) on a single information resource of the Federal Tax Service (FTS). Such a mechanism is expected to make it possible to comprehensively analyze the activities of organizations and significantly increase the information security of users.

Earlier, only the annual reports of legal entities were received in the state information resource of financial statements (GIRBO). However, as noted, access to the consolidated financial statements is largely limited. Companies disclose indicators in various sources, and often such information is given in a "truncated form." This, according to the Ministry of Finance, creates risks of making unreasonable decisions, including providing state support, assessing its effectiveness and paying dividends. The approved rules are designed to solve the problem.

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Фото: Freepik

It is said that the collection of reports will be carried out through audit organizations that conduct a mandatory audit of the relevant documents. GIRBO will submit an audit report to which the reporting itself is attached.

Such a scheme excludes an additional administrative burden on the business and ensures the completeness of the formation of the information register. The addition of consolidated statements will allow a comprehensive analysis of the activities of companies, the Ministry of Finance notes.

The department emphasizes that the adopted bill provides for a mechanism for protecting information contained in the consolidated financial statements. In particular, the public distribution of documents containing "sensitive" information is excluded.^[2]

Notes