Mikhail Orlov was appointed Chairman of the NOFA Foundation Management Board. This appointment was confirmed by the Board of Trustees.

The National Accounting Standards Board (NASB) has prepared and put for public comment draft financial reporting standard 107 “Financial Instruments - disclosures”.

Annual Report on Activity of the National Organisation for Financial Accounting and Reporting Standards Foundation for 2006 has been approved by the Foundation’s Management Board.

The NASB continued discussion of Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities at the meeting on May 24, 2007. Besides the NASB considered draft financial reporting standard 107 “Financial Instruments: disclosures”, a draft comment letter on the IASB Exposure Draft of Proposed Amendments to IAS 24 Related Party Disclosure: state-controlled Entities and the Definition of a Related Party, and draft work plan of the National Accounting Standards Board for the second half of 2007.