Discussion results of practical issues of IFRS application in the Russian Federation were presented at the Round table held on November 23, 2011. The event was co-sponsored by the National Organization for Financial Accounting and Reporting Standards and Delloite CIS and supported by the Ministry of Finance of RF. Discussion results of practical issues of IFRS application in the Russian Federation were presented at the Round table held on November 23, 2011. The event was co-sponsored by the National Organization for Financial Accounting and Reporting Standards and Delloite CIS and supported by the Ministry of Finance of RF. Implementation of the Law on Consolidated Financial Reporting which requires Russian organizations to apply IFRS for compiling consolidation reporting depends mostly on effective joint actions of the regulatory bodies, professional and business communities. In this connection, the necessity of existence of a standing professional forum representing participation of regulators, professional and business circles during the first years of introduction of International Financial Reporting Standards is one of the most important initiatives worked out in the course of discussion during the meeting on November 23. The participants of the meeting came to the conclusion that it is necessary to set up such a forum on the basis of an expert body in charge of expertise of IFRS translation into Russian – the National Organization for Financial Accounting and Reporting Standards with involvement into this work representatives of accountants and auditors, reporting compliers, analysts and other users of financial reporting. In the framework of this forum it seems possible to draw up a single and consistent position on the practical issues of IFRS application by the Russian organizations, which is especially important in the course of IFRS introduction.