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
Date Written: May 2004
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: Suggested Citation