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Vocabulary

to announce оголошувати

announcement оголошення

the Common Market Загальний ринок

treaty договір

to set установлювати,

визначати

though хоч

to join приєднуватися до

to debate обговорювати

public opinion poll опитування громадської

думки

to support підтримувати

support підтримка

to improve поліпшувати

improvement поліпшення

to enlarge збільшувати (ся)

enlargement збільшення

entry вступ, вхід

to schedule укладати, планувати

schedule розклад, графік

access доступ, вступ

to approve схвалювати

approval схвалення

regulation правило

regulations статут

listed який котується на

фондовій біржі

consolidated financial зведений баланс

statement

extensive просторий, великий

transition перехід

urgent терміновий

issue питання, проблема

to report повідомляти, звітувати

IAS = international Міжнародні стандарти

Accounting Standards бухгалтерського обліку

GAAP = Generally Accepted Загальновизнані

Accounting Principles принципи

бухгалтерського обліку

    1. Use the Verbs in correct forms and translate the sentences:

  1. The UE (to announce) in 1992.

  2. That year fifteen European countries (to sign) a treaty on establishing an economic and monetary union in future.

  3. In 1999 a single currency (to introduce) in most European countries.

  4. Great Britain (not to join) the euro in 1999.

  5. Britain (to keep) the pound sterling by now?

  6. The reasons for Britain’s joining the euro (to debate) in Parliament and in the press for a few years.

    1. Answer the questions:

  1. What fifteen countries formed the European Union?

  2. Has the Union enlarged since then?

  3. What are the new member states?

  4. Have they all joined the euro?

  5. What else do you know about the latest developments in respect of the EU?

    1. Translate these words and make sentences using them:

компанії, акції яких котуються на фондовій біржі

складати баланс

вести бухгалтерську звітність

зведений баланс

використовувати Міжнародні стандарти бухгалтерського обліку

переходити на нову систему обліку

    1. Write what you know about the following:

International Accounting Standards

National GAAP system

Text 4: The World Trade Organisation

The World Trade Organisation (the WTO) was established on 1 January 1995, and is the legal and institutional basis of the multilateral trading system. It provides the principal contractual obligations determining how governments frame and implement domestic trade legislation and regulations.

The essential functions of the WTO are:

  • administering and implementing the multilateral and plurilateral trade agreements which together make up he WTO;

  • acting as a forum for multilateral trade negotiations;

  • seeking to resolve trade disputes;

  • overseeing national trade policies;

  • cooperating with other international institutions involved in global economic policy-making.

In accordance with the “most favoured nation” (MFN) clause, members are to grant to the products of other members no less favourable treatment than that accorded to the products of any other country. Quotas are generally outlawed, but tariffs or customs duties are legal in the WTO. The WTO Agreement on agriculture is designed to provide increased fairness in farm trade. The WTO agreement on intellectual property will improve conditions of competition. And another agreement will do the same for trade in services.

Developing countries are given transition periods to adjust to the more difficult WTO provisions. Least-developed countries are given even more flexibility for their goods.

The WTO authorities are:

  • the Ministerial Conference.

  • the General Council.

  • three Councils:

for Trade in Goods

for Trade in Services

for Trade-Related Aspects of intellectual

Property Rights

  • four Committees:

on Trade and Development

on Balanceof Payment

on Trade and Environment

on Budget, Finance and Administration

The Secretariat in located in Geneva.