Balance sheet

Balance sheet — «баланс» — is intended to show the financial position of a company at a particular moment. This is a financial statement that states on one side the assets and, on the other side, the liabilities and equity of a company. Both sides must balance out with each other.

Though Russian Accounting Standards are somewhat different from International Financial Reporting Standards, this difference is not that substantial. In the recent years Russia has made huge leaps in order to harmonise its accounting standards with IFRS. Moreover, many organisations, first of all banks, insurance companies and so-called public interest entities, must prepare their financial reports according to IFRS.