Visit "Publications" menu to see some articles on Russian banks by Mikhail Matovnikov, PhD, Deputy Director General of Interfax rating agency, Chief expert of Center for Economic Analysis of Interfax information agency, formerly researcher at Russian leading economic institutes. Much more articles are available only in Russian.
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December 18, 2013 Russian Focus: "International Accounting Standards for russian banks"
The transition of accounting practices of the Russian banks to International Accounting Standards (IAS) has long been on the agenda, but there are only very few banks who are actually introducing them in practice. IAS are not a cure in terms of quality reflection of the financial state of the banks, and the transition to IAS is just an important step in providing better information to creditors. In contrary to popular belief, the capital of banks that implement IAS dropped by only 11 percent, and it was even higher in 14 of the 30 banks that use IAS than when they implemented the Central Bank procedures.
Russia's Central Bank Program for banking sector reform says that all banks must start introducing IAS in 2004. However, many banks, particularly those who seek to attract foreign capital, have already started the program.
Interfax conducted a poll among auditing companies to find out the number of banks using IAS. According to data from big five firms (Andersen, Deloitte & Touche, Earnst & Young, KPMG, and Price-waterhouseCoopers) only 129 banks amounted used IAS in 2000.
December 10, 2013 References:
Victoria Lavrentieva
Big Fish in A Small Pond. /The Moscow Times, Dec. 10, 2013.
October 10, 2013 Published: //Granville B., Oppenheimer P. (eds.) - London: 2013. - Chapter "The Banking System" was written by Michael Dimitrieff, Mikhail Matovnikov, Leonid Mikhailov, and Ludmila Sycheva.
October 05, 2013 References:
Pavel Miledin, Svetlana Novolodskaya, Torrey Clark and Kirill Koriukin Deripaska Grabs Bank, Insurer. /The Moscow Times, Oct. 05, 2013.
September 25, 2013 New services:
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September 17, 2013 References:
Torrey Clark Fixing Broken Banking. /The Moscow Times, Sept. 17, 2013.
September 5, 2013 INTERFAX-100: "ALL RUSSIAN BANKS" - Indicators for all 1313 Russian banks as of March 31, 2013 - Assets, Capital, Profit. First of 22 tables of Interfax-100 report.
INTERFAX-100: Banking System Survey - Results of 2012.
