For quite some time, accounting statements have played a key role in providing vital financial information to market participants which serves to not only give details about a single company‚Äôs financial position, but also to promote the stability of markets themselves.  As such, regulatory authorities view the quality of the information provided by companies about themselves as a high priority and Russian laws are being amended to reflect this position. According to Federal Law No. 402-FZ "On Accounting", for example, financial (accounting) statements may not enjoy the status of a commercial secret (not always fully understood by corporate officers or their shareholders).

Administrative Rules also favor the full, free and immediate dissemination of corporate financial data (Order of the Federal Service of State Statistics of  May 20, 2013 N 183 actually states that this information must be made available in  5 minutes)!

In brief, corporate information including court cases, lawsuits against, ownership and more is freely accessible now on the internet.   Companies therefore have a vested interest in making sure that the information circulating about them is accurate and are taking steps to improve their internal reporting systems. 

One should keep in mind that the amount of information available about any particular company is available to potential clients, business partners, investors and even employees.

FOR MORE INFORMATION PLEASE CONTACT:

Partner. Chief Operating Officer
Head of the Accounting and Tax Department