Converting the Accounting System of a Transition Economy: A Case Study of Russia

Andreas School of Business Working Paper

49 Pages Posted: 15 May 2004

See all articles by Galina Preobragenskaya

Galina Preobragenskaya

Abu Dhabi University - Department of Accounting

Robert W. McGee

Fayetteville State University - Department of Accounting

Date Written: May 2004

Abstract

This paper examines factors that affect the accounting system in Russia as it moves toward the adoption and implementation of International Financial Reporting Standards (IFRS). Current rules are examined and selected Russian Accounting Standards (RAS) are compared to IFRS, followed by a discussion of how closely Russian accountants actually follow the rules and the factors that affect accounting practice. The reliability of Russian financial statements is also discussed, followed by a discussion of Russia's options for the future, which groups support the various options, and the likely outcomes. Conclusions are presented in the final section.

Keywords: Russian Accounting Standards, RAS, International Financial Reporting Standards, IFRS, GAAP, Transition Economy

JEL Classification: M41, M44, M47

Suggested Citation

Preobragenskaya, Galina G. and McGee, Robert W., Converting the Accounting System of a Transition Economy: A Case Study of Russia (May 2004). Andreas School of Business Working Paper. Available at SSRN: https://ssrn.com/abstract=546343 or http://dx.doi.org/10.2139/ssrn.546343

Galina G. Preobragenskaya

Abu Dhabi University - Department of Accounting ( email )

PO Box 59911
Abu Dhab
United Arab Emirates

Robert W. McGee (Contact Author)

Fayetteville State University - Department of Accounting ( email )

Fayetteville, NC 28301
United States

HOME PAGE: http://robertwmcgee.com

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