The first ranking of Russian insurers by International Financial Reporting Standards (IFRS)

At last we have reached the level of IFRS: for the first time it was made possible to rank Russian insurers by IFRS. The first ranking comprised only nine Russian insurers - 1% of the whole number of Russian insurers. According to Expert RA, IFRS reporting is being prepared by at least 20 Russian insurers, mostly incapable of disclosing the information in public.

The crisis would underline the importance of preparing and publishing IFRS reports by insurance companies. Quick IFRS reporting would be instrumental in proper assessment of a company's situation and in taking proper anti-crisis steps.

Publications of IFRS reports are extremely important in crisis time. If a market player eludes publishing such a report, a suspicion of financial complications may arise.