OREANDA-NEWS. On 21 April 2008 was announced, that Galina Khvoshchinskaya, Chief Accountant of Sibirtelecom OJSC was awarded the “Chief Accountant of Russia – 2007” public award.

Before summarizing preliminary results of financial statements for 2007 according to Russian Accounting Standards, Galina Khvoshchinskaya was highly commended for her achievements in implementation of accounting and financial policy of the Company and personal professionalism by the Expert Council of the Association of Accountants and Auditors.  The award was given by the Expert Group of Ministry of Finance of the Russian Federation and the Competition Jury consisting of representatives of Audit Chamber of State Duma of the Russian Federation, Tax Inspection and other Ministries.  Representatives of the country’s financial corps were appraised using several criteria: transparence of Company’s financial flows, positive dynamics (capitalization, sales volume, etc.), correct drawing up of the balance sheet and observance of terms of balance sheet submission. Also, the practical experience of enterprises was taken into account after the transfer to international financial reporting standards, contemporary methods and procedures of drawing up and consolidation of statements according to IFRS. 

“This is a collective award, not personal, as every employee made a contribution to it, – said Galina Khvoshchinskaya. - The block of financial accounting and reporting is more like an auxiliary unit at the enterprise that generalizes the results of work done by the main structures.  Although, chief accountant, of course, assumes liability and responsibilities for financial and economic activity.  During the last years Sibirtelecom has been actively implementing some measures in order to reform accounting and audit in compliance with the international practice of accounting and reporting.    Transparency and flexibility of all financial instruments that we use is the engine of economic growth”.

On March 14 Sibirtelecom made public the preliminary results of the year 2007 according to Russian Accounting Standards. Last year the Company’s income amounted to 26,532.7 mln rubles excluding subsidiary business, having increased by 3,590.9 mln rubles or by 15.7% as compared to the year 2006.  The increased number of Internet users, subscriber base (local telephone communication), intra-zone and Internet traffic were the main factors of changes in the income.  Also, the main financial indicators, planned for the year 2007, were achieved. This was a result of the professionally developed financial policy of the Company.