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  I would like to pose a question being that my major is in accounting. I sit rying to figure out the question is that FASB and the IFRS going to merge or go to one or the other and how can I prepare for this change as far as school is concern. Do I h Kenneth Bledsoe
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  2 Mohit. Not too much, but still better than nothing: http://www.gaap-ifrs.com/special/tests/ifrs.asp Alexander Kurnikov

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Russia’s president Dmitry Medvedev signed an order on immediate actions to lift administrative restrictions for entrepreneurship – announced the president’s press service this Thursday.

Liquidation of administrative barriers is mostly intended to make life of small and medium enterprises easier: in less than 2 months, draft projects of federal laws will be prepared and introduced to the State Duma. Those are expected to provide government’s guarantees of protection of legal entities’ rights as well as those of individual entrepreneurs and to limit the number of official inspection of business activity (not related to taxation) of any single legal entity to only one inspection in three years. In respect to small and medium enterprises, non-planned audits will be carried only in case of them being suspected in violations which represent potential harm to heath or life of employees. 

A simpler way to start a new business will be introduced with fewer documents required.

Mandatory certification will be mostly replaced by quality assurance approach. According to Mr. Medvedev’s order, licensing of certain types of business activity will be replaced by liability insurance or by provision of financial guarantees.

Limitation of internal affairs authorities’ rights during inspections of smaller businesses is expected, including their ability of drawing up records of business administrative violations found during audits.    

Local governments will be given rights to provide small and medium businesses with real estate premises for lease at favored terms of lease contracts.

Until September 1st 2008, a plan of actions to make procedures of connection to electricity networks (needed for business activity) much easier for SMEs, will be drawn up. Until July 1st 2009, a report on realization of that plan will be provided to the president himself.

All existing acts and orders of federal executive authorities are expected to be brought in balance with the order under consideration. 

The order is effective since the very date of its signing by the president.