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New amendments to Part II RF TC: simplification of tax accounting and harmonisation with bookkeeping

On 20 April 2014, the Russial Federation president signed Federal Law No. 81-FZ on Amendments to Part II RF TC. The law is intended to simplify tax accounting and harmonise it with bookkeeping.

The notion of ‘sum difference’ has disappeared from tax accounting, while provisions on claims/obligations payable in rubles have been included by the new law in the respective sections on accounting for exchange rate differences (articles 250, 265, 271, 272 RF TC). As a result, the rules on accounting for exchange rate differences are now the same, irrespective of whether the claim/obligation is paid in rubles or foreign currency…

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