December 1998

18 December 1998

Minister

Gennadiy Khodirev

Dear Minister,

I am writing today to invite you to our 9^th International Conference on Competition, which will be held on 10 and 11 May 1999 at the Hotel Inter­continental Berlin, the venue of our last conference.

The subject of the 9^th International Conference on Competition is:

Mega-mergers –

I would be very pleased to welcome you to Berlin as a participant at our 9^th International Conference on Competition. As in previous conferences, a simultaneous translation will be in German, English and French.

Yours sincerely,

Wolf

аспирантура (канд. экз.)

Экзаменационный билет (на 2 листах) по дисциплине

английский язык

(специальность: бухгалтерский учет; статистика)

Task I. Translate from English into Russian in writing using a dictionary. Your time is 45 minutes

A public company is incorporated on 1st August 1989, and its first accounting reference period ends on 31st December 1990 (that is, 17 months later). The company must deliver its financial statements to the Registrar of Companies by 31st March 1991. This is because the period allowed is the later of three months after the end of the accounting reference period, that is 31st March 1991 and seven months from the first anniversary of the inception of the company, that is 28th February 1991.

If the directors of a company that carries on part of its business overseas or has interests overseas (that is, the business is carried on outside the UK, the Channel Islands and the Isle of Man) have notified the Registrar of Companies of this business, or of the interests, before the end of the period allowed for laying and delivering financial statements (see paras 25.39 and 25.41), then they may claim an extension to the period allowed for filing. This extension is for a further three months. [Sec 244(3)].

A company may shorten its accounting reference period by notifying the Registrar of Companies. Section 225 of the Act sets out the procedures a company must follow to shorten its accounting reference period (see chapter 2 para 2.38). Where a company takes advantage of section 225 and shortens its accounting reference period, the period it is allowed for filing its financial statements dial cover this shortened period will be the longer of:

• The period allowed as described in paragraphs 25.39 and 25.41 above.

• Three months after the date on which the notice was given to the Registrar of Companies to change the accounting reference date.

Task II. Translate the letter from English into Russian without a dictionary. Your time is 5-7 minutes

H.E.

Mr. Gennady Bogachev

Deputy Director

Dear Mr. Bogachev,

I want to thank you for your participation in the Political and Economic Leaders Summit of 7-8 February, in Thessaloniki, in the frame of ASIA FORUM 2000.

You will soon receive a short report with the conclusions. We proceed also to the publication of the Proceedings.

We have started the preparations for the Business Meeting and Exhibition of 23-28 May. We hope to have your support in motivating enterprises and businessmen to participate in the event.

We shall ask your active involvement in the May event very soon.

Thanking you once again, I remain

Sincerely yours

аспирантура (канд. экз.)

Экзаменационный билет (на 2 листах) по дисциплине

английский язык

(специальность: бухгалтерский учет; статистика)

Task I. Translate from English into Russian in writing using a dictionary. Your time is 45 minutes

Probably the main tax considerations when raising finance are to ensure that the interest is tax deductible in the country where tax rates are highest (profits permitting) and, where loans are raised in the capital markets, to ensure the lender receives gross interest. Overseas exchange control regulations must also be borne in mind.

Depending on how overseas tax rates compare with those in the UK, consideration should be given to borrowing in the UK and onlending at higher rates of interest, or alternatively borrowing in the UK and using the funds to subscribe for shares in the overseas company. Sometimes it may be sensible for the overseas company to borrow direct from the third party lender. However, local management may not be happy if they are loaded with too much debt, especially if this results in the creation or augmentation of losses; on the other hand interest-free loans to overseas subsidiaries suffer from the disadvantage referred to in 10.3 above.

The following are some of the other factors which should be taken into account in deciding the method of financing overseas companies:

(a) loan interest is often allowed as a deduction from profits for overseas tax purposes (subject to the satisfaction of any debt/ equity ratio test under the overseas country's 'thin capitalisation' rules), whereas dividends are not;

(h) in many cases there is a withholding tax on dividends, but often not on interest;

(c) the raising of finance locally may be advisable from the standpoint of local political considerations;

(d) loan finance has the advantage of flexibility (e.g. monies can be remitted to the UK by way of loan repayments and debt can be converted into equity);

(e) it is sometimes easier, from a local exchange control viewpoint, to remit interest than dividends;

(f) the country where the burden of any exchange risk on foreign currency borrowings should, lie should be considered; and

(g) it may be advisable in some cases for the UK parent company to acquire and lease (at an arm's length rental) trading assets to an overseas subsidiary. Normally capital allowances of 10% on a writing down basis would be available for plant and machinery leased abroad on this basis.

Task II. Translate the letter from English into Russian without a dictionary. Your time is 5-7 minutes

February 25, 2000

Mr. Alexander Ivanov

President

MICEX

Moscow

RUSSIA

Dear Mr. Zakharov:

Please find enclosed the proposed Joint Statement on Technical Assistance which I received yesterday from the U.S. Commodity Futures Trading Commission ("CFTC").

We understand that your office will undertake to forward this document to Chairman Parkov.

If the Russian finds the proposal acceptable, we should notify Ms. Corcoran of that fact.

We look forward to your future communications on this matter. Best regards.

Sincerely yours,

Jeffrey A. Burt

аспирантура (канд. экз.)

Экзаменационный билет (на 2 листах) по дисциплине

английский язык

(специальность: бухгалтерский учет; статистика)

Task I. Translate from English into Russian in writing using a dictionary. Your time is 45 minutes

The requirements of both the Act and SSAP 17 will he satisfied if the directors minute their approval of the financial statements at a hoard meeting and include, at the foot of the balance sheet, a note along the following lines:

The pages of the financial statements that are being approved should normally include, where applicable, any supplementary accounts or other financial statements (such as a value added statement or current cost information). The reason for this is that the directors should acknowledge their responsibility for .any such financial information that is presented.

Alternatively, a similar statement may be included in the directors' report (for example, see Table 88). But when this alternative presentation is adopted, the Act still requires a director to sign the balance sheet of the company.

approval OF ACCOUNTS

The accounts on pages 12 to 25 were approved on 11th April, 1989, by the Board of Directors, who authorised two Directors to sign the accounts on behalf of the Board.

The Act also requires the directors' report to be approved by the board of directors and signed by one director or by the company's secretary. The approval and signing of directors' reports are considered further in chapter 20 paragraphs 20.42 to 20.44.

Where a parent company prepares consolidated financial statements in accordance with the Act, it is not required to include its own profit and loss account in the group's consolidated financial statements (see further 'Manual of Accounting - volume II' chapter 4). In this situation, the company's individual profit and loss account must be approved by the board of directors and signed on behalf of the board by a director of the company in accordance with section 233(1).

Task II. Translate the letter from English into Russian without a dictionary. Your time is 5-7 minutes

athens travel service

2-4 Alopekis sir., 10675 Alhens

Tel: 00301-33 3 5254*Fax:00301-333 5256

Date: 07/08/00

To: Mr A.Egorov

From: C.Vakali

Ref: Eommex group 20/8-03/9/00

With reference to the above group, we would like to inform you with the following.

SCHEDULE

OA 352 20/8 Moscow-Athens 1450-1725

OA 351 03/9 Athens-Moscow 0930-1355

You are kindly requested not to issue tickets for those not travelling. All issued unused tickets must be delivered to our representative at the airport otherwise you will be charged. Upon your arrival at the Athens airport you will be met bv our representative, holding a sign:

EOMMEX

ATHENS TRAVEL SERVICE

We would like to know which person will be in charge as head of the group during their stay in Greece.

The group will stay at the Training Center of the National Bank.

аспирантура (канд. экз.)

Экзаменационный билет (на 2 листах) по дисциплине

английский язык

(специальность: бухгалтерский учет; статистика)

Task I. Translate from English into Russian in writing using a dictionary. Your time is 45 minutes

As discussed in chapter 20 paragraphs 20.6 to 20.10, the directors' report must give details of any significant events that occur between the end of the financial year and the dale on which the directors approve the financial statements. SSAP 17 contains a similar requirement.

SSAP 17 says that it relates only to those events that occur before the date on which the directors approve the financial statements. However, the standard goes on to say that, "If (events occurring after that dale) are material the directors slould consider publishing the relevant information so that users' of financial statements are not misled". [SSAP 17 para 4]. Also, if the company is either listed on The Internal ional Stock Exchange or traded on the USM, The International Stock Exchange's Continuing Obligations or the USM's General Undertaking (as appropriate) require the company to inform the Quotations Department of The International Stock Exchange of any significant events that occur at any time that affect the company. [CO 5, GU 1].

If the auditors become aware of any significant event that has occurred between the date on which the directors approve the financial statements and the dale of the relevant general meeting, they should consider whether they should advise the company's directors to disclose that event or exercise their rights to speak at the meeting.

Persons entitled to receive the financial statements

Every member of the company, every debenture holder of the company, and every person who is entitled to receive notice of general meetings is entitled to receive a copy of the annual financial statements. A copy must be sent to them not less that 21 days before the date of the meeting at which the financial statements are to be presented. [Sec 238(1)].

A copy must also be given to the company's auditors. (Sec 390(1)]. In addition, the company's bankers may require that they should receive copies of the company's financial statements, and this requirement could he an enforceable term of either a loan agreement or a facility agreement.

In addition to the right that a member has to be sent a copy of the annual financial statements (as mentioned in para 25.31), every balance sheet date is disclosed in the financial statements), the Registrar of Companies will accept, for filing, a UK company's financial statements that have been prepared in a foreign currency.

Task II. Translate the letter from English into Russian without a dictionary. Your time is 5-7 minutes

Dear Mr. Minister:

It was a pleasure to meet you during our recent visit to Moscow. I was encouraged with the discussion and look forward to moving ahead to assist small- and medium-sized businesses in Russia.

Mr. Paul Tumminia, Ex-Im Bank Director-Russia and NIS, will be in contact with you as to our future plans on this matter.

Please do let us know if you are planning to be in the U.S.
Sincerely,

phone (202) 565-3500 fax (202) 565-3513