• No results found

Russia s Accounting Revolution

N/A
N/A
Protected

Academic year: 2021

Share "Russia s Accounting Revolution"

Copied!
12
0
0

Loading.... (view fulltext now)

Full text

(1)

R

USSIA

B

RIEFING

The Practical Application of Russia Business

Issue 6 • September 2012

Russia’s Accounting

Revolution

In Cooperation with

• New Law on Accounting 2013: A Revolution in Russia?!

• Profile of an Accountant: Historical and Modern

• Q&A: What’s left to do in 2012 to prepare for the new law on accounting?

INCLUDING

Introducing

the New Online

Bookstore

A

SIA

B

(2)

In this issue of Russia Briefing, we look at Russia’s accounting “revolution.” The new Law on Accounting that passed the parliament in December 2011 and comes into force January 2013 is nothing short of revolutionary. Combined with the dramatic changes in accounting already underway in Russia, including the introduction of obligatory provision calculations in 2011 and automatic document exchange in 2012, the new law can be considered a breakthrough for further improvement in accounting in Russia. First, we discuss the key points of the contents of the new Law on Accounting, including a flow diagram for automatic document exchange, examples of an acceptance protocol document, a VAT Faktura Invoice, and free format accounting document. We also include comparison tables for: • Russia Accounting Standards, Russia Tax Accounting, and International Financial Reporting Requirements (IFRS) • Russia Accounting Standards and their Equivalent IFRS Standards • Old Accounting Law and New Accounting Law Next, we paint a profile of Russian accountants – why they are historically more tax experts than statutory accounting specialists and the characteristics that modern accountants should have; i.e. an understanding of business process, an awareness of automated document handover, and an understanding of international corporate structure. Finally, we address the question of what’s left to do in 2012 to prepare for the new law on accounting. We hope this issue is helpful for your investments in Russia. Best regards, Asia Briefing Ulf Schneider SchneiderU@russia-consulting.eu Managing Director RUSSIA CONSULTING Group Russia – Ukraine – Belarus Kazakhstan – Poland - Germany SchneiderU@russia-consulting.eu

Editor’s Notes

All materials and contents © 2012 Asia Briefing Ltd. No reproduction, copying or translation of materials without prior permission of the publisher.

Questions?

Connect directly to professionals specializing in the topic at hand.

Regulatory Updates

Keep current on regulatory changes in Asia with updates on www.dezshira.com.

?

Related Reading

Find publications related to this topic at www.asiabriefingmedia.com/store.

Russia Briefing News

Read related news and commentaries on www.russia-briefing.com/news.

International Perspective

Learn about this topic in other Asian jurisdictions, including China and India.

Podcasts

Listen to an expert weigh in and provide an on-the-ground perspective.

Customer-centric Design

Browse publications with ease, preview items before payment, and quickly navigate your cart and purchase history.

Comprehensive Search

Search publications and related multimedia. Plus, share your opinions with product reviews.

Resource Sharing Capabilities

Share resources with contacts on Facebook, Twitter, LinkedIn, and more social platforms.

Simple Payment Process

An intuitive payment system for domestic and international customers.

1

2

3

4

Welcome to the new Asia Briefing Bookstore!

Introducin

g

the New

Online

Bookstore

A

SIA

B

RIEFING

A

SIA

B

RIEFING

(3)

Old vs. New Law on Accounting

Old Law New Law

Accounting for Representative Offices / Branches Statutory accounting required No statutory accounting, if full tax accounting Issue 6 • September 2012

Contents

New Law on

Accounting 2013: A

Revolution in Russia?

Despite the millions of accountants in Russia, Russian Statutory Accounting Standards (RAS or, in Russian, PBU) are not widely used. The state authorities in Russia...

Profile of an Accountant:

Historical and Modern

The significant recent changes in accounting legislation should also have an impact on the profile of an accountant. During Soviet times and in the nineteenth century, an accountant was mainly responsible for...

Q & A: What’s left to do in

2012 to prepare for the

new law on accounting?

To prepare for the new Law on Accounting, ask the following questions: Were provisions set up in the annual statement for 2011 and Q1/Q2 of 2012... Scan this QR code with your smartphone to download the Asia Briefing mobile application.

News on Russia-Briefing.com

August 23, 2012

Foreign Venture Capital Firms to Invest in Russian IT Market

July 27, 2012

Russian Faces Unemployment Variations across Regions

June 25, 2012

New Old President to Assure Global Investors with Old Promises

June 19, 2012

Private Equity Funds Show a Growing Appetite for Russia

June 18, 2012

Russia to Create Conditions to Attract More Qualified Foreigners

p.11

p.9

R

USSIA

B

RIEFING

The Practical Application of Russia Business

The new Law on

Accounting is not a

change of the 25 Russian

Accounting Standards

(PBU), but a fundamental

improvement of how

accounting should be

organized in Russia.

The law applies not only to

Russian legal entities, but

also to foreign companies

with a representative office

or branch in Russia.

Electronic document

exchange with an operator

SELLER

Document

Sending & receiving confirmations

(4)

D

espite the millions of accountants in Russia, R u s s i a n A c c o u n t i n g Standards (RAS or, in Russian, PBU) are not widely used. The state authorities in Russia published accounting standards for the first time in the mid-1990s, and today there are 25 PBU. Many of these PBUs, though similar to IFRS, were ignored for quite some time. Accountants were more interested in making financial reports as close as possible to tax accounting.

Yet in 2011 and 2012, dramatic changes are underway in accounting in Russia. These include the introduction of obligatory provision calculations in 2011, automatic document exchange in 2012, and finally the new Law on Accounting in 2013, all discussed here.

Obligatory Provision

Calculation

In 2011, financial statements in Russia took a major step forward, as a requirement was introduced for obligatory calculation of provisions, such as unused vacation, guarantee cases, etc. This new requirement significantly hit the statutory profit of most companies in Russia, having an effect beyond the profit and loss statement. The requirement also had a major impact on the net assets and statutory rules about potential bankruptcy filing, as well as tax matters like thin capitalization rules, meaning deductibility of interest for tax purposes on intercompany loans.

In practice, many accounting departments do not take the new requirement into consideration, brief checks by company

management of the company are not usually very helpful in ensuring compliance, and not even all auditors raised the issue of compliance with the new requirement. While tax inspectors might not check for compliance with the new requirement right away, such requirements usually become an issue when the authorities want to “catch” a tax payer for another reason and use non-compliance with this requirement to support their real intention.

Automatic Document

Interchange

Today, financial accounting in Russia is still very much tax- and document-driven. A key point here is that an invoice (outgoing or incoming) is not an official tax or accounting document and does not trigger any booking.

New Law on Accounting:

A Revolution in Russia?!

Electronic document exchange with an operator

SELLER

BUYER

Electronic Archive

Document

Document

Sending & receiving

confirmations

Sending

confirmation

Certification Authority

(provides certificates)

Operator

Electronic Archive

(5)

New Law on Accounting: A Revolution in Russia?!

A simple example is the delivery of stationary. The stationary might be fully paid and delivered to your office, but no expense booking has been done and the payment is still shown as a prepayment. The acceptance protocol (“Nakladnaya”) must still be signed and stamped by both the seller and the buyer. Furthermore, in order to book the input VAT deductible, the seller has to send a special VAT Faktura Invoice to the buyer. Missing documents are the major reason for deviations between Russian accounting and IFRS or US-GAAP. Many transactions are not properly reflected in the income statement, as documents are missing. Therefore, proper document flow is of upmost importance to arrange a meaningful fast closing process for management and consolidation purposes. In 2012, further improvements in accounting and tax matters were introduced, making automatic document interchange between business partners possible.

Documents such as the acceptance protocol (required for each sale-purchase of goods or service) and VAT Faktura Invoice (required for input-VAT deduction of purchased goods or services) can now potentially undergo automated document interchange between two business partners.

The document flow between the tax authorities and the tax payer might still be further automated. Russia is already very advanced with electronic submission of financial statements and tax returns to relevant authorities. Now, it will be possible to submit most documents for tax audits to the tax authorities via to internet. This will not only save a lot of paper and printer cartridges, it will also save time for the Director, who has to sign many of the documents to be provided to the authorities. In addition, couriers and office managers will have fewer problems. Previously, professional courier services often refused to accept orders to go to the authorities, as getting the required stamps confirming receipt of documents was often very difficult. Therefore, accountants often went to authorities themselves, or used in-house couriers. So far the IT tools required for the automated document interchange system are still being tested. Automatic document interchange is to be organized with the support of a provider company, for example, TAXCOM. Such provider companies must have licenses from state authorities and belong to the range of the authorized operators of the Federal Tax Service.

New Law on Accounting

2013: A Revolution in Russia?

The new Law on Accounting No. 402-FZ that passed the parliament in December 2011 and comes into force January 2013 can be considered a breakthrough for further improvement in accounting in Russia. The new Law on Accounting is not a change of the 25 Russian Accounting Standards (PBU), but a fundamental improvement of how accounting should be organized in

Acceptance Protocol

(6)

New Law on Accounting: A Revolution in Russia?!

Currently, anyone can become an accountant, there are no regulatory educational requirements. The new law brings more quality control to the accounting profession. In the future, accountants who work for certain enterprises have to acquire a relevant university degree in accounting. Typically, this major at university is called

“Accounting, Taxes and Audit.” In addition, 3-5 years work experience is required to become a chief accountant. These regulations apply so far only to open-JSC, investment funds management companies, accounting firms, etc.

Making sure the accountant has the right

professional knowledge is not easy, and there are some doubts that the new regulations are sufficient. It is recommended to check the professional knowledge of an accountant every time you make a job offer. Such checks should ideally consist of a written test, and case studies that are related to the real business of the enterprise. Foreign legal entities in Russia are usually in the form of a representative office, branch or as a simple tax registration of a foreign legal entity. The last form does not mean a Russian daughter company, rather it usually means Russian LLC (in Russia, OOO). This form often creates problems during the registration

process, as authorities are not always familiar with this simplified approach.

The new simplified accounting process for foreign legal entities is particularly relevant for construction and planning firms with projects in Russia, who previously had

very different rules for accounting and tax purposes.

The new Law on Accounting is also generally applicable for representative offices and branches of foreign legal entities.

Simplified Accounting for Foreign Legal Entities in Russia

Quality Control for Chief Accountants

The Chief Accountant is legally the second most important person in a company, directly after the General Director, the “Tsar” of a Russian company. Organizationally, the company structure is often different, in particular in larger firms, who beside the General Director as CEO also a CFO and/or Finance Director, etc.

In such a structure, the Chief Accountant reports to the CFO / Finance Director and not directly to the General Director. This could lead to some legal issues in case of conflicts between the CFO / Finance Director on the one hand and the Chief Accountant on the other. In a worst case

scenario, the Chief Accountant could refuse to report to their boss, the CFO / Finance Director, and claim the boss is the General Director.

However, within such an organizational structure, one should be cautious in changing the responsibility and status of accounting. The Chief Accountant might become less motivated loose esteem in the office; they might also work less attentively, feeling less business responsibility. Also, the company might want the person who has the best professional knowledge in accounting to be legally responsible; and that is the Chief Accountant.

Chief Accountants often claim they carry very severe legal risks, being the responsible person for accounting. What is often not known is that realistic charges for mistakes put on a Chief Accountant personally are rather small (in the area of US$100-200). However, more severe are risks that such penalties, independently from its amount, are recorded and Chief Accountants fear that they might be faced with higher interest rates when asking a bank for a loan. As banks sometimes have access to such information, this risk exists.

Responsibility of the Chief Accountant vs. CFO

Russia. The law applies not only to Russian legal entities, but also to foreign companies with a representative office or branch in Russia. The major impact will be in the following areas:

• Simplified accounting for foreign legal entities in Russia • Quality control for Chief Accountants • Responsibility of the Chief Accountant vs. CFO • Signature rights of the General Director vs. Chief Accountant

• Internal controls as a must in each and every office • Free format for accounting documents The new law should also affect HR matters, as accounting in Russia becomes more and more a task that requires not only a good professional knowledge and the willingness for communication and teamwork with other departments, but also a good understanding of business. The new Law on Accounting embodies this aspect of the accounting profession.

(7)

New Law on Accounting: A Revolution in Russia?!

Traditionally, internal controls are not well known to accountants. In certain cases, companies had a separate position as financial controller; however, communication between the accountant and the financial controller was often not the best.

The new Law on Accounting briefly states that internal controls have to be introduced to each legal entity, and representative offices and branches of foreign companies. Details are not yet provided, and it is expected that further regulations will be issued by the Russian Ministry of Finance.

It will be interesting to see whether auditors will make comments in the audit reports for 2012 on a company’s preparation level to have reasonable internal controls regulations in place for 2013.

Internal Controls as a Must in Each and Every Office

As of 2013, the format for forms required by legislation can be chosen. However, when changing forms, one has to make sure that all current information is still available on the new form.

This sounds good in theory, however, in practice this might be difficult to implement. Changing to forms that can be exchanged in electronic form could lead to additional manual work, as electronic interchange might not work.

Also, policemen might have problems with non-standard forms. Trucks are obliged to carry certain delivery papers with them and if these forms are changed to a company’s corporate style, the company risks more issues with local policemen.

It indeed makes a lot of sense to change some pure internal forms, such as the business trip forms that all parties visited have to sign (in Russian: Командировочное удостоверение). If a sales manager visits clients who may be competitors, these clients can see on this form who the sales manager previously visited. For confidentiality reasons, one should change a single business trip form to separate forms.

Free Format for Accounting Documents

Получатель / Empfänger / Recipient: ООО «Русский Консалтинг» ИНН/КПП / Steuer Nummer / Tax-ID’s: 7718239655/770701001 Банк / Bank / Bank: ЗАО «ЮниКредит Банк» г.Москва БИК: 044525545

Корреспондентский счет / Korrespondenzkonto Nr. / Correspondent account: 30101810300000000545 Расчетный счет / Konto Nr. (RUR Konto) / Bank account Nr. (RUR): 40702810600010351033

Счет на оплату / Rechnung / Invoice № 3348 от / vom / from 03.09.2012

Поставщик / Auftragnehmer / Provider: ООО «Русский Консалтинг» / RUSSIA CONSULTING OOO Покупатель / Auftraggeber / Customer: ООО "ABCDEF Рус" / ABCDEF

Договор / Vertrag / Agreement: РС-12-07-12 от 12.07.2012

РУБ/RUB

№ Benennung der DienstleistungТовары (работы, услуги) Name of the service

Сумма Summe Sum 1 Подбор персонала на вакантную должность Офис-менеджер/Персональный ассистент/

Staff recruitment for the position Office Manager/Personal assistant/ Staff recruitment for the position Office Manager/Personal assistant

XX XXX,XX

Итого / Summe Netto / Sum net XX XXX,XX НДС / USt / VAT 18% X XXX,XX

Всего к оплате / Summe Brutto / Sum gross XX XXX,XX

Сумма прописью по-русски (в рублях) Ausgeschriebene Summe (in Rubel) Total in words (in Roubles)

Согласно договору счет подлежит оплате в течение 10 дней с момента выставления Bitte begleichen Sie die Rechnung gemäß Vertrag innerhalb von 10 Tagen nach Ausstellung In accordance with the contract please pay within 10 days after issuing of the invoice

Руководитель / Geschäftsführer / General Director Nuzhny A.P./ Нужный А.П.

Уполномоченное лицо по доверенности от 31.12.11 / i. V. vom 31.12.11 / p.p. from 31.12.11

Aktau Almaty Hamburg Kiev Minsk Moscow St. Petersburg Warsaw

Currently, quarterly and annual reporting and financial statements are signed for by the General Director and the Chief Accountant, with most tax returns signed

only by the General Director. In the future, only the General Director should sign all of these documents.

It’s worth noting that the legal responsibility for accounting stays with the person in charge of accounting.

(8)

New Law on Accounting: A Revolution in Russia?!

Russia Accounting Standards, Tax Accounting and IFRS

Russia Accounting Standards

Russia Tax Accounting

IFRS

Bad debt ~ Vacation and annual bonuses ~ Guarantee services ~ Audit and year-end closing X Contingent liabilities X Inventory devaluation X Financial assets devaluation X Key: Obligatory ~ Possible X Not Possible

Russia Accounting Standards and IFRS Equivalents

RAS

IFRS

PBU 1/2008 Accounting policy of an organization IAS 8 Accounting policies, changes in accounting estimates and errors

PBU 21/2008 Changes in accounting estimates IAS 8 Accounting policies, changes in accounting estimates and errors

PBU 2/2008 Accounting of construction contracts IAS 11 Construction contracts

PBU 3/2006 Accounting of assets and liabilities in foreign currency IAS 21 The effects of changing in foreign exchange rates PBU 4/99 Financial statements of an organization IAS 1 Presentation of financial statements

PBU 5/01 Accounting of stocks IAS 2 Stocks

PBU 6/01 Accounting of tangible assets IAS 16 Property, plant and equipment PBU 7/98 Events after balance sheet date IAS 10 Events after the balance sheet date

PBU 8/01 Provisions, contingent liabilities and contingent assets IAS 37 Provisions, contingent liabilities and contingent assets PBU 9/99 Organization revenues IAS 18 Revenue

PBU 10/99 Organization expenses X X

PBU 11/2008 Information on related parties IAS 24 Related party disclosures PBU 12/2000 Information on segments IFRS 8 Operating segments

PBU 13/2000 Accounting of governmental grants IAS 20 Accounting for government grants and disclosure of government assistance

PBU 14/2007 Accounting intangible assets IAS 38 Intangible assets PBU 15/2008 Accounting of loans and borrowing expenses IAS 23 Borrowing costs

PBU 16/02 Information on discontinued business activities IFRS 5 Non-current assets held for sale and discontinued operations PBU 17/02 Accounting of expenses due to scientific construction

and technological works

IAS 38 Intangible assets PBU 18/02 Accounting of corporate income tax IAS 12 Income taxes

PBU 19/02 Accounting of financial investments IAS 39 Financial instruments: recognition and measurement IFRS 7 Financial instruments: disclosures

IAS 32 Financial instruments: presentation

PBU 20/03 Information on participation in joint ventures IAS 31 Financial reporting of interests in joint ventures

PBU 22/2010 Correction of mistakes in accounting and reporting IAS 8 Accounting policies, changes in accounting estimates and errors

PBU 23/2011 Cash flow reporting IAS 7 Cash flow statements PBU 24/2011 Accounting of expenses for natural resources

development

(9)

Profile of a Modern Accountant

Considering all these changes in accounting regulations, it is not easy to find qualified accountants. Below are some thoughts on new and/or important characteristics that an accountant should have (beside professional knowledge, which is certainly a must):

• Understanding of business processes

An accountant has to understand business processes, not only to organize a good document handover within the company, but also to fully understand what to do if documents cannot be immediately provided, because fast closing does not allot waiting time. The new regulations no longer accept “I did not receive the required document, therefore could not do the booking” as an excuse. The new regulations on provisions make it a must for the accountant to understand more of the nature of the business itself.

• Awareness of automated document handover

Automated document handover between business partners opens new possibilities for the increase in accounting efficiency. This might be a painful process for some accountants; however, the new legislation will put some pressure on accounting departments to organize everything faster and more efficiently. Not all accountants have this topic on their agenda yet.

• Understanding of international corporate structure

In the past, most accountants were responsible for tax matters, in particular tax compliance. As of 2012 Russia has new transfer pricing rules, which apply mainly between related entities. To apply the new regulations requires more economic, business and analytical understanding of internal processes in a group of companies. Moreover, it requires the full understanding how the Russian legal entity is embedded into the entire international corporate structure. This will be a quite new requirement for accountants if they want to keep the matter of taxation under their control.

T

he significant recent changes in accounting legislation should also have an impact on the profile of an accountant. During Soviet times and in the nineteenth century, an accountant was mainly responsible for making reports to state authorities based on tax accounting. Statutory rules hardly existed and, when accounting standards were introduced for the first time in the mid-1990s, they were not popular and not enforced.

Accounting was considered a purely technical job; applying the rules of the tax authorities by gathering all available company documents and entering them into the accounting system 1C. The

accounting situation began to change as more and more Western investors entered Russia. Western investors wanted to better understand their company’s financial status, and requested special management reports or transformation to IFRS or US-GAAP, as the Russian accounting books did not allow any meaningful analysis.

Often a separate person, first called the economist, later the financial controller, was responsible for this management reporting. However, this person was often missing the detailed understanding of the Russian data and could not properly prepare the reports for management. Hence, accountants step gradually took over management reporting by doing a transformation from Russian tax

accounting to corporate standards. The understanding for cost center and profit center developed rather slowly, which is understandable, because the nature of Russian accounting is quite contrary to such analytical requirements.

Today, if you ask an accountant who they prepare the balance sheet for, they will usually still answer “for the tax authorities.” Company management is usually more interested in Management Information Systems Reporting (MIS-Reporting) and banks only want to see the accounts done according to International Financial Reporting Standards (IFRS). In coming years, accountants will have to pay more attention to the PBU.

P r o f i l e o f a n A c c o u n t a n t :

Historical and Modern

(10)
(11)

Q & A

What’s left to do in 2012 to prepare for the new

law on accounting?

To prepare for the new Law on Accounting, ask the following questions: • Were provisions set up in the annual statement for 2011 and Q1/Q2 of 2012, as this was obligatory for Russian statutory accounting? • If yes, check whether this one time set up effects provisions to deal with severe issues regarding equity regulations. • Are there any tax issues with thin capitalization rules in the case of shareholder loans, because of lower equity and the 3:1 rule for loan to equity? • Has the headquarters internal control department been involved in or at least informed about the new regulations on internal controls in Russia?

• Have discussions taken place with business partners for the mutual introduction of automated document handover and document exchange? • Have decisions been made about forms that potentially should have a different format in the future? Questions on doing business in Russia? Email info@russia-consulting.eu Selected questions will be answered here or at www.russia-briefing.com. Related Reading:

Payroll and Employment Law, Russia Briefing Magazine, March 2012

Complimentary download

Further Resources

Old vs. New Law on Accounting

Old Law

New Law

Accounting for Representative Offices / Branches Statutory accounting required No statutory accounting, if full tax accounting Responsibility for accounting Chief accountant is 2nd person in company, provided accounting is administered in-house CFO, Financial Director or Financial Controller, etc. can be responsible for in-house accounting Qualification requirements towards accountants No regulation Regulation affects OAOs, insurance companies, management companies, accounting companies: Final degree in accounting/controlling Relevant professional experience (3-5 years) No unresolved economic criminal act

More flexibility with format requirements Fixed form sheets (e.g. AKT) Customized form sheets, as long as they contain all necessary information

Signatures and filing duties Chief accountant co-signs financial statements

Only director signs financial statements. Finance authorities can claim balance sheets, etc.

Compulsory internal controls No regulation Each company is obliged to perform internal controls Tasks of the self-regulatory organs No regulation Self-regulatory organs take on tasks such as elaborating

(12)

Dalian Beijing Tianjin Qingdao Suzhou Guangzhou Zhongshan Hong Kong Shenzhen

Hangzhou ShanghaiNingbo

Hanoi Mumbai

Delhi

Ho Chi Minh City

CHINA

INDIA

VIETNAM

SINGAPORE

Dezan Shira & Associates has been providing business advisory, corporate establishment, tax, accounting, payroll,

due diligence and audit services to multinational investors and SMEs in China since 1992. With twenty offices spread

across China, Hong Kong, India, Vietnam and Singapore, and a network of related firms elsewhere in Asia, Dezan Shira

& Associates is Asia’s premier foreign direct investment practice. Contact us today to find out how we can help your

business expand across China and emerging Asia.

Corporate Establishment, Tax, Accounting & Payroll Throughout Asia

ARE YOU IN EMERGING ASIA?

China

china@dezshira.com

India

india@dezshira.com

Vietnam

vietnam@dezshira.com

Singapore

singapore@dezshira.com

Twenty Years Of Excellence 1992-2012

References

Related documents

OPTRAM1100029 Euro Drive Company Custom release and registration services of vehicle.. Simultaneous interpretation

Remark 3 : We already see a divergence in the behavior of scheduling policies when job sizes become correlated. case), and under a Poisson arrival process, the mean delay under

Through the process, students explore simple machine construction and the process of model making, as well as learn about simple machines - a nail clipper is an example of a

The empirical analysis is based on financial econometric models to determine the underlying conditional volatility, with the estimates showing that there is strong evidence

The main contribu- tions are investigation of using digital error correction (redundancy) in SAR ADCs for dynamic error correction and speed improvement, invention of two

In areas where labelled data is more limited due to labelling cost or copyright- related legal restrictions on data sharing, such as medical imaging, music in- formation retrieval

The main relic was the annual presentation to Parliament of The Allocation of Road Track Costs , based on a methodology finally stabilised in 1968, which demonstrated the extent

The results showed that (1) higher use frequency of social media pop- ular in New Zealand (NZ social media) was associated with higher score on identifi- cation with New Zealand