The Yakovlev Yak-54 is a 1990s Russian aerobatic and sports competition aircraft designed by the Yakovlev Aircraft Corporation.

Part of a new generation of acrobatic aircraft from the Yakovlev design bureau who have a long line of aircraft designs started in 1937 with UT-2/AIR-10. It is a development of the single-seat Yak-55M, designed by Chief Constructor Dmitry Drach and Lead Engineer Vladimir Popov[1] it first flew 23 December 1993.
It was produced by Saratov Aviation Facility in cooperation with JSV "Gorky U-2" up to 2005, when the production moved to the Arsenyev Aviation Company "Progress" facility in Arsenyev.

Despite its earlier number, the Yak-54 was actually developed from the Yak-55M, to replace the Yak-56. It is the OKB's latest aerobatic trainer, with the airframe of the Yak-55M modified with an instructor cockpit added at the rear, and with redesigned undercarriage main legs raked further forward, a taller fin, redesigned rudder and elevators, three-blade propeller and minor changes to the engine installation (for example, additional coolingair exit louvres). The cockpits are covered by a single canopy hinged to the right, behind a smaller fixed windscreen. Remarkably, the structure is stressed to the even higher negative load factor of —7.

Project manager is D K Drach, chief engineer V M Popkov and the OKB test pilots are A S Vyatkin and A A Sinitsyn (chief Yak-141 test pilot). Painted in a new scheme of white, green and red, the unflown prototype was shown at the 1993 Paris airshow, bearing no marking but the airshow number 310. Later it was given the cryptic registration 01001 and first flown on 24 December 1993, the pilot not being one of those assigned to the programme but Sh Z Khamidulin. Production will be at Saratov.

Bill Gunston & Yefim Gordon "Yakovlev Aircraft since 1924", 1997

Specification   
WEIGHTS
   Take-off weight   990 kg   2183 lb
   Empty weight   700 kg   1543 lb
DIMENSIONS
   Wingspan   8.16 m   27 ft 9 in
   Length   6.91 m   23 ft 8 in
   Wing area   12.89 m2   138.75 sq ft
PERFORMANCE
   Max. speed   360 km/h   224 mph
   Ceiling   4500 m   14750 ft

so

Its not a new airplane & has been there for many years... almost every one knows about it.

In the RC arena it is the one of the best 3d aeroplane, I have one and planning to get one more, lotsa models like the edge, Giles, are based on the basic yak,

The Yakovlev Yak-38 was Soviet's first and only operational VTOL strike fighter aircraft and also first operational carrier-based fixed-wing aircraft. It was developed specifically for Kiev class aircraft carriers. Yakovlev's biggest contribution was yak 38, if I am right it was like vc's hover craft, had a separate lift engine, inspired many VTOLs that followed yak 38. 
Mandar,
Is it ok to cut and paste without value addition, ? I don't know the answer to this question, there is a doubt though, forum members call!!

I just wanted to talk about it and get info from others as you gave me some of it! Big deal its cut paste!

fair enough. here are my Yak 54s , what a machine to fly and enjoy, i am so in love with this machine, planning to get one 50 cc gasser