On June 19, 2012 the National Organization for Financial Accounting and Reporting Standards (NOFA Foundation) held a Round Table devoted to actual issues of Russian legislative practice in regard to consolidated financial reporting. The event was supported by the Ministry of Finance of RF. The Round Table continued a dialogue between the regulators and reporting compilers and users, which was begun at the Round Table organized by the NOFA Foundation and sponsored by the Finance Ministry on November 23 of 2011. Among the issues discussed at the previous event was implementation of the Federal Law on Consolidated Financial Reporting and issues arising in the course of preparation to IFRS application for consolidated financial reporting. These issues include, in particular, definition of organizations covered by this law, definition of reporting subjects, the volume and composition of the first reporting according to IFRS, methodology of the first reporting, audit of IFRS-consistent reporting, its presentation and publication. The Round Table brought together representatives of the Finance Ministry, Central Bank, Federal Service for Financial Markets, as well as corporate sector, chiefs of accounting and financial services, heads of audit companies and members of the NOFA Foundation. The participants of the Round Table expressed their views and made suggestions on the issues of competence of the regulatory bodies in regard to financial reporting, presentation and publication of consolidated financial reporting, surveillance practice and other practical issues of implementation of the legislation on consolidated financial reporting. The suggestions made by the participants of the Round Table will be set forth in the final communique containing guidelines to regulatory bodies on IFRS implementation in Russia.