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Internaional Accounting - Essay Example
Finance & Accounting
Pages 6 (1506 words)
Your Date International Accounting: Russia RUSSIAN: AN OVERVIEW Russia, a well-known country, is the largest country in the whole world. Its area is twice bigger than the territory the US covers. The country is full of large cities as well as highly modernized modes of communication…
Russia borders on the Arctic Ocean, the North Pacific Ocean, and Europe. The neighbouring countries are China, North Korea, Finland, Georgia, etc. (Russia: Introduction n.pag.). It is an independent economy having a budget expenditure of around $372 billion and the unemployment rate being 6.6% (Russia: Statistics n.pag.). In the year of 1990, the economy changed itself from being a centrally planned to that of a free market economy (Russia: Economy n.pag.). FINANCIAL ENVIRONMENT IN RUSSIA\ According to Vladimir Putin, the Prime Minister of the Russian Federation, Russia has been ranked among the top five economies for alluring foreign direct investment (FDI) (Doing Business in Russia n.pag.). The country has shown a good figure in terms of GDP (Gross Domestic Product) in 2011 where the Government debt was around 10% of GDP and the inflation rate being 6%. The Government is also planning to invest around $1.5 trillion for developing the country’s economy for the upcoming three years. However, the figure of FDI has not grown substantially as it is just accounting to an amount nearly $40 billion coming to the third year. And that means there are not many multinationals or foreign companies investing in the country (Doing Business in Russia n.pag.). BUSINESS ENVIRONMENT For doing business in Russia, there are certain accounting principles that one needs to follow. ...
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