All Russian Forum « Accounting, Finances, and law on the Scrap market» took place in Moscow, Russia

In the context of modern economy specialists of all business spheres must be able to respond to changes in legal system timely. The globalization has influence with all economic sectors, meanwhile various innovations keep appearing, and they should be studied and worked with. All Russian Forum «Accounting, Finance and Law on Scrap market»  gathered experts of the accounting activity’s support, economists and research associates to discuss a number of topical issues. The representatives of more than 500 companies had a chance to listen to the leading specialists’ reports and to take part in negotiations.

The event was organized by the business portal RUSMET.COM and “National Self-Regulating Organization of Ferrous and Non-Ferrous Scrap and Wastes Processors and Vehicle Recyclers” (RUSLOM.COM). Experience of such forums’ organization contributed to arrange the meeting at the highest level and let the participants be concentrated on working process only.

Financial activity management is a complicated system, which is directly interdependent with the globalization. Amendments of laws (of international ones, as well) demand a well-timed reaction of specialists, and at the same time it is important to remember about such things as company’s activity’s transparency requests. Nowadays many experts bring into focus an importance of international standards of accounting adherence, as far as this approach ensures a company’s entrance to the international market.    
 
Within the framework of the forum a question of Russian business operations was opened many times. Oftentimes the rules of compilation and further accounting records maintenance are not kept properly, which is no doubt does not encourage a sphere’s consistent development. The forum’s participants from Belgium, France, Germany and a number of Scandinavian and Asian countries presented their own vision of that issue. The broad geography of the middle and major companies’ representatives gave an opportunity to create a general view and to point out some aspects that had not been considered properly before.
 
Leading specialists dramatized the importance of following the most topical international standards and providing fair estimation. It is also essential to take into consideration the fact that business accounting in Russia has got a number of peculiarities. Thus, experts from Europe stated that many companies that are interested in investments in Russian enterprises’ quite often face difficulties in the sphere of accounting. The point is that for a long time the accounting in Russia has not been aimed at letting the investor clarify the company’s financial state. This situation has changed, and now steps towards clarification and transparency, which are aims for western companies, are being taken. 
 
A weighty part of the forum was the round table with the reorganization of business accounting in Russia as a main topic. Research associates and experts in that sphere discussed the main tasks of the reform and possible relevant difficulties. The reconcilement of Russian accounting regulations with international financial accountancy, of course, is one of the critical factors, determining the whole business development in the country. This problem is being dealt with at the state level, which is a guarantee of the most serious intentions.  
 
A great many of Russian experts paid special attention of their foreign colleagues to the fact that the greater transparency is a top-priority goal, however, at the same time the country does not want to leave its own unified, elaborated business accounting plan. Nevertheless, a compromise can be found and it will be found, as long as all parties are interested in it.
 
After all the events were completed, some important conclusions regarding the accounting system's condition were made. The organizers noted that progress is definitely present; however, there is still a lot of work to be done. Nevertheless, the forum's participants are sure that the accounting system in Russia is about to experience dramatic changes in the nearest future, because they are necessary to enter the international arena. A part of Russian companies work according to the standards accepted worldwide, but this is just a minor part for the moment.
  
Research associates esteem that pulling attention of foreign investors is the right way to enter international markets, but in order to work with such investors, the present day accounting system shall be renovated. This issue is being worked on, however, we must understand that this process requires time, and it might need quite a long period.
  
All Russian Forum «Accounting, Finance and Law on Scrap market»  proved to be traditionally efficient and challenging for the participants. An event which is at least equal to the current forum is planned for the next year, so RUSMET.COM and RUSLOM.COM are pleased to invite permanent members and new companies! See you in 2016!