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Directors of Socially Oriented Non-profit Organizations Can Retain the Right to Keep Accounting Personally

08.12.2012

The Ministry of Economic Development of Russia proposed to encourage management of socially oriented non-profit organizations to maintain their right to keep accounting personally next year.

In accordance with the coming into force as of January 1, 2013 the Federal Law "On Accounting" the right to personally keep bookkeeping is provided for only for managers of small and medium enterprises. Management of all other economic entities (except credit institutions) must entrust accounting to their chief accountant or other officer or conclude an agreement for accounting services.  


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