The liberalisation of a further two service sectors in the Eurasian Economic Union is under way

One of the main measures in the liberalisation plan in auditing is the elaboration of a draft Agreement on auditing activity on the territory of the Eurasian Economic Union. The document is aimed at the formation of the single auditing services market and envisages granting persons of any State of the Union the right to supply and obtain audit services without limitations and exceptions. Moreover, it concerns the recognition of auditing qualifications in all countries of the Eurasian Economic Union and the recognition of audit conclusions (reports) issued by auditing organisations of one State in the territory of other countries of the Union. The draft Agreement is currently being developed. It is expected to be completed in 2017.
The draft Plan sets out bringing the legislation of the Member States of the Union in line with the Agreement over the next two to three years. In addition, the Plan provides for the development of regulatory legal acts in order to organise effective collaboration between the bodies that govern auditing in the countries of the Union, and the adoption of international auditing standards.
In accordance with the draft liberalisation plan, the single auditing services market of the Union shall start functioning on January 1, 2022.
The draft liberalisation plan for reporting for accounting provides for the comparative legal analysis of the provisions of the national regulatory legal acts of the countries of the Union in this area. Should any discrepancies be discovered, proposals for the harmonisation of the corresponding regulatory legal frameworks of Member States will be put forward. This includes the application of international financial reporting standards (IFRS).
It is planned that the single reporting and accounting services market will start functioning in 2021.
Finally, the liberalisation plans will be approved by the Presidents of the EAEU countries at the session of the Supreme Eurasian Economic Council.
Previously, the Council of the Commission reviewed and approved 18 liberalisation plans for individual services sectors. The list of services sectors, in which the formation of a single services market within the EAEU will be carried out in accordance with the plans of liberalisation, were approved by Decision No. 30 of the SEEC dated October 16, 2015.
Press-release at the official Eurasian Economic Commission web-site