Representatives of the finnish business community and the ICLC consultants met in Saint-Petersburg

Specifics of doing business in Russia became the major subject of discussion at the seminar which was held on August 24 in the building of the Consulate of Finland in Saint-Petersburg. The subject turned to be topical – the audience included top managers of some joint Russian-Finnish ventures, representative offices and affiliates of Finnish companies in Saint-Petersburg.

Anna Kulakova, Head of the arbitration practice sector of the audit company ICLC, was speaking about the current Russian arbitration practice with participation of companies-non-residents and specifics of tax audits. She also gave practical advice regarding methods of preventing possible court proceedings and considered problems that companies give rise to while setting up permanent establishments in the Russian Federation.

The second subject for discussion became Russian and international standards of financial reporting. Julia Ilyina, leading auditor of the audit company ICLC, was speaking of the major, principal differences between the RAS and the IFRS covering the facts that foreign investors should pay special attention to.

The seminar turned to be interesting both for the audience and for its organizers – Consulate of Finland in Saint-Petersburg and the audit company ICLC. The first received practical pieces of advice, the second – pleasant communication with representatives of the Finnish business. As Mr. Jyrki Terva, Consul of Finland in Saint-Petersburg, remarked, such meetings have an invaluable benefit both for Russian and Finnish businesses. Both parties are planning now to repeat the meeting until the end of 2010.