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If your idea of purgatory is submitting accounts, you’ll sympathize with Russian banks. The central bank requires them to submit reports daily, weekly, monthly, quarterly and yearly. Quantity doesn’t necessarily equate with quality: western investors aren’t particularly impressed with what they see and the Russians know it. “In the international market,” says Igor Komarov, chief accountant at Inkombank, “our balance sheets are as incomprehensible as Chinese grammar.” At face value there appear to be few problems: all the necessary figures, such as assets, liabilities, shareholder equity and profits, are reported. |
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