To achieve this objective, the project has 4 interlinked components:

1. Proposals for improvement of the current legislative framework related to the application of IFRS in the commercial banking sector.

We will also be helping the Bank of Russia to update its methodology of accounting and financial reporting to comply with IFRS. This methodology is use by financial institutions and the Bank of Russia.

We will assist the Bank of Russia in developing software that will meet the requirements of both IFRS and Russian Accounting Standards and the preparation of appropriate financial statements.

2. Training bank accounting specialists for bookkeeping and accounting and the preparation of financial statements in accordance with IFRS.
We will train at least 3,000 people in IFRS, providing a range of bespoke courses to meet their individual needs. Our courses will be held in all 7 federal districts of the Russian Federation.
The target training groups comprise the following:
Bank of Russia - Accounting Specialists
Bank of Russia - Supervision Inspectors;
Credit Organisations - Accountants
Credit Organisations - Auditors;
External Audit Firms; and
Accounting Academics and Trainers.
3. Awareness of best practices of IFRS application in European Union countries.

This information will be provided by holding conferences and roundtables in Russia, to which international experts will be invited, and will be disseminated via the project website. The project will also organise visits to selected European countries.

This website will also contain all of our training materials, so that all interested
parties, wherever they are in Russia and beyond, can obtain the materials and information on IFRS without cost.

4. Application of IFRS in practice.

The final component of the project will be application of IFRS to the daily bookkeeping and accounting transactions of the commercial banking sector.