The Central Asian region is attracting developed countries not only by its natural resources, but also because of its geopolitical value, i. e. its situation right in the Middle of the Eurasian continent! It is obvious, that their interests do not lie in helping the developing countries of the region, maybe it will look like a help or assistance, but that will be just an appearance. Taking into account that globalization processes are well reflected through the prism of international organizations (the UN, the WB and its groups, NATO, the WTO etc.), their activities and the ‘deepness’ of their presence in each country, I can say that the Central Asian region is still in so called ‘average dependence’, but that dependence is dynamically growing (please, pay attention to the historic overview given above). The growth of foreign debts, international aid and other kinds of obligations are proportionate to the growth of that dependence, indicating that the region is getting more and more involved in globalization process, but as an object.
I do not want to be pessimistic about globalization and involvement of the Central Asian region into that process, but I am afraid that some day, when something very important for the region’s future is settled, no one will happen do care about the region’s opinion and the influence of these actions upon it.
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УДК 339.9:336.7 |
Pyekhotska-Kaluzhna A. |
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Kaluzhny R. |
INTERNATIONAL REGULATIONS IN BANKINg SECTOR. ACCOUNTING RULES
As many banks and other credit institutions start offering their services globally, they should change the way their business is conducted. This is the main reason why different international rules become more and more popular. Among the others, Basel Committee on Banking Supervision and the International Accounting Standards Board (IASB) issue many important rules that are implementing into banking sector. This paper is going to present the most important Basel Committee’s and the IASB’s standards which affect banking activity.
As for the European Union’s legislation for banking sector, it’s necessary to point out the following.
As more and more countries want to join the European Union, they usually try to apply European law their to own law system. That situation refers to banking system, too. There are several European Union Directives which regulate banking activity. One of the most important is the First Council Directive on the coordination of the law, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions [1] and the Second Council Directive [2]. They consist of framework for banking institutions having their headquarters either inside or outside the European Union.
Other European directives regulate deposit-guarantee schemes [3], amount of banks’ own funds [4], supervision of credit institutions on a consolidated basis [5], large exposures [6].
There are also some directives regulating accounting policies of commercial entities (including banks). These are:
1) the Fourth Council Directive [7];
2) the Seventh Council Directive [8];
3) the Eighth Council Directive [9];
4) the Fourth-Bis Directive [10].
The 1 – 3 directives refer to all commercial entities and the 4th regulates banking activity. It gives the framework for banks’ financial statements. It makes banks disclose some special, specific for credit institutions, as income statement and balance sheet positions. According to that directive every bank’s financial statements material differs from that of ‘normal’ enterprise. Due to that solution the reader of financial statement may discover those parts of banking activity that generate incomes and losses.
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