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Odesa  >  News  >  Maritime Sector
Commercial Sea Port of Yuzhny may become the first company in the system of the Ministry of Transport to use international standards of financial reporting
Sep 02 2009, 10:12

ODESA, SEPTEMBER, 2nd, 2009, CONTEXT-PRICHERNOMORIE – Commercial Sea Port of Yuzhny may become the first company in the system of the Ministry of Transport to use international standards of financial reporting, Context-Prichernomorie correspondent reports.

The agency was informed about it today 2 September at the press-service of the port.

According to their press-service, “Within the period of 4 months of the current year the port’s financial activities have been audited by the international auditing company ВDO-Audit. The company acknowledged the port’s financial activities to have met the international standards.

Now the port has an opportunity to change from the national standard system to the international one. For a complete transformation of the existing forms of reporting the port will have to execute a number of procedures, including training of the personnel.

International standards of reporting are viewed upon by the management board of the port as a part of competitiveness and investment attractiveness. Particularly, the international reporting system will help legitimize the port’s financial reporting for international financial institutions and banks giving an opportunity to get access to cheap financial resources of foreign banks, attracting more investments.

INFORMATION: Commercial Sea Port of Yuzhny is situated in the North-West area of the Black Sea, on the ice-free Adzhalykskiy Liman and is a cargo operation turnover leader (20 million 698 thousand 600 tons in 2005). Main transportation directions: the Black Sea and the Mediterranean basins, the USA, Latin America, Middle East, South-Eastern Asia. All cargo, storage and auxiliary operations are carried out in the port. There work specialized complexes in the port for operation of mineral fertilizers, liquid chemicals, export overload berths for general and bulk cargoes.

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