On September 7, 2021, the XVIII session of the Accounting Coordinating Council of the CIS participating states (hereinafter referred to as the Coordinating Council) was conducted via video conference in Moscow. The session, held in the 30th anniversary year of the formation of the CIS, was dedicated to this significant milestone. Attendees included members of the Coordinating Council, representatives of the authorized bodies regulating accounting and auditing in CIS participating states, as well as representatives from the CIS Executive Committee and the Eurasian Economic Commission.
The session addressed the following main issues:
1) The session covered the current state of cooperation among the CIS participating states in the financial and economic sphere, along with outlining the tasks of the Coordinating Council for 2022,
2) The session addressed the implementation process of Phase I (2021-2025) of the CIS economic development strategy measures program until 2030,
3) The report on the activities of the Coordinating Council,
4) The session delved into issues pertaining to the development of national systems regulating accounting, encompassing the application of international financial reporting standards. Additionally, discussions included the progress in implementing the November 20, 2013 agreement on consolidated financial statements for national economic entities of the CIS member states,
5) Experiences in developing national systems to regulate auditing activities, including the application of international auditing standards,
6) The session focused on assessing the current state of the audit services market in the CIS member states.
7) The experience of entities engaged in auditing activities in the CIS member states in their efforts to combat money laundering and terrorist financing,
8) On the election of the President of the Coordinating Council for 2022,
9) Holding a regular session of the Coordinating Council.
The Coordinating Council decided:
- To further the implementation of Phase I (2021-2025) of the program of measures in the CIS economic development strategy until 2030, as approved by the Council of Heads of Government of the CIS participating states,
- Continue exchanging experiences in the development of national systems for regulating accounting and audit activities. This includes sharing insights into the application of international financial reporting standards and international auditing standards by national economic entities. Additionally, discussions will cover consolidated financial reports of national economic entities participating in the CIS. The focus will be on exchanging information regarding the implementation of the November 20 agreement among the states,
- During the 2022 meeting of the Coordinating Council, discussions will revolve around issues related to the accounting of digital financial assets, disclosure of information about them in financial reports, and the formulation of initial registration documents for foreign counterparties,
- Continue exchanging information on specific indicators regarding the state of the audit services market in the CIS member states.
- Approve the document titled 'Experience of the Participation of Audit Activity Subjects in the CIS Participating States in the Fight Against Money Laundering and Terrorist Financing.' Instruct the Chairman of the Coordinating Council to submit it to the CIS Executive Committee for further discussion in the prescribed manner by September 20, 2021.