Short-term loans refinanced with long term loans afterbalance sheet date

Short-term loans refinanced after the balance sheet date may not be reclassified to long-term liabilities unless the entity expected and had the discretion to refinance the obligation for at least 12 months at the balance sheet date.

Short-term loans refinanced after the balance sheet date may qualify for disclosure, but would not result in the reclassification of a loan to long-term liabilities.

Scope

IAS 24, Related Party Disclosures provides a partial exemption from the disclosure requirements for transactions between government related entities as well as with the government itself.

PBU 11/2008 Related Party Disclosures provides guidance similar to IFRS, but does not specify exemptions related to government-related entities.

The World Trade Organization does not have a set framework for what constitutes a developing country; member nations declare themselves as such. Other WTO members are able to challenge a country's declared status, but it is rare for any to do so. For the 2015 fiscal year, the World Bank designated countries with around $1,045 per capita income as low income countries. Lower-middle income countries, meanwhile, included those with a gross national income between $1,045 and $4,125. Both low and lower-middle income countries are developing countries by the World Bank's estimation. Developing countries have low levels of living and productivity, high population growth, underdeveloped industry and a reliance on agriculture and exports for economic sustainability.

REFERENCES

Legislation

1. Federal Law “On accounting” from 1996 №129 FZ

2. MinFin order “The Conception for accounting and finance reporting development in the Russia Federation on the medium-term perspective” from 01.07.2004 №180

3. Federal Law “On Accounting” from 06.12.2011. № 402-FZ / № 50

4. Federal Law “On Consolidated financial statements” from 27.07.2010, №208 FZ

1. Jane O. Burns, Belverd E. Needles , Accounting Education for the 21st Century: The Global Challenges, Texas Tex University, DePaul University, 1994, PERGAMON

2. Daniel J McCarthy, Sheila M Puffer, Journal of World Business, JAI, 2003, Northeastern University, p. 397-415

3. Filatov, A., V. Tutkevich, & D. Cherkaev, Board of Directors at State-Owned Enterprises (SOE), 2005, in Russia. Paris, France: OECD.

4. Gazprom Sustainability Report 2008 - 2009 “Natural gas - Energy for Present and Next Generation”, p.10

5. The transition to IFRS in Russia, Requirements of Federal Law “About Consolidated Financial Statements” KPMG webinar Dec. 2012

6. «Accounting in Turkey with reference to the particular problems of lease transactions» T. E. Cooke and T. Curuk, 1996

7. «An analysis of the companies' compliance with the EU disclosure requirements and corporate characteristics influencing it: A case study of Turkey» Original Research Article, Turgut Curuk, 2001

8. N. Altintas, F. Yilmaz, The Accounting Profession: A Descriptive Study of the Common and Code Law Countries, Journal of Modern Accounting and Auditing, July 2012, Vol. 8, No. 7, 932-950

Picture 1

Soviet version of accounting and financial reporting

Source: «Transparency and Disclosure of Russian Companies 2010. Accounting and Financial Reporting Reform in Russia. » Geoffrey Townsend, Moscow, 19th November 2010

Picture 2

Post-reform version of accounting and financial reporting

Source: «Transparency and Disclosure of Russian Companies 2010. Accounting and Financial Reporting Reform in Russia » Geoffrey Townsend, Moscow, 19.11.2010

Picture 3

Financial reporting in Russia, added consolidation