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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who started this subject6/8/2004 5:53:29 AM
From: Copperfield   of 1301
 
Economy Ministry wants to tighten disclosure standards

RosBusinessConsulting. Tuesday, Jun. 8, 2004, 12:52 PM Moscow Time

The Russian Economy Ministry proposes to tighten disclosure standards for publicly traded companies, Deputy Economy Minister Andrey Sharonov reported at a congress on reforming bookkeeping and accounting practices in Russia. According to Sharonov, there are a lot of non-transparent companies in Russia. They should be made to change their approach and disclose information like joint stock companies should or change their form of ownership. In the medium term all Russian companies will have to report under IAS and present consolidated results, if they have subsidiaries. According to the Deputy Minister, there are two proposals for developing bookkeeping and accounting practices in Russia. One of them is offered by the Economy Ministry and the other by the Finance Ministry. Neither of them has been approved. Currently all issues related to shifting to IAS are being discussed.
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