Draft Law on Consolidated Financial Statements: Conditions and Exemptions
On January 20, the State Duma adopted in the first reading Draft Law No. 1082205-8 ("the Draft Law"), which exempts a number of legal entities from the obligation to submit mandatory consolidated financial statements ("CFS"). The Government of the Russian Federation acted as the subject of the right of legislative initiative.
The Draft Law amends Federal Law No. 208-FZ dated 27 July 2010 "On Consolidated Financial Statements" and Federal Law No. 39-FZ dated 22 April 1996 "On the Securities Market."