May 25, 2017 / 7:00 PM / 3 months ago

Russia says state firms should use IAS profit as base for dividends

MOSCOW, May 25 (Reuters) - Russian state companies should use their net profit calculated under international accounting standards, if they prepare such financial reports, as a base for dividend payments, the Russian government said in an order on Thursday.

A year ago, Russia ordered state companies to spend 50 percent of their profits on dividend payments in 2016, depending whichever profit - under Russian or international accounting standards - is higher.

The latest move will allow Russia to increase federal budget revenues from government stakes in companies, the order, signed by Russian Prime Minister Dmitry Medvedev, said. (Reporting by Darya Korsunskaya; writing by Polina Devitt; editing by Susan Thomas)

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