Accounting Certification in Central Asia, Russia, Ukraine and Moldova

Abstract

The 15 former Soviet republics known as the Commonwealth of Independent States (CIS) all have their own national accounting and auditing certifications. These republics have been evolving in different directions since the break up of the Soviet Union. But they have at least one thing in common - their certifications are not held in high regard beyond their borders, and perhaps even within their own countries. Several internationally recognized certification bodies have tried to fill the market need by offering their exams within the borders of the CIS, but these attempts have been only partially successful because these international certification exams are offered only in the English language. As a result, the majority of accountants in the CIS are not able to write a professional exam. Until recently, non-English speaking accountants within the CIS had no alternatives other than their national exams. Starting in late 2001, a plan was made to introduce into several former Soviet republics a series of examinations based on the accounting principles used in the developed market economies. These exams were offered in the Russian language, thus offering non-English speaking accountants an opportunity to earn a certification based on internationally recognized accounting principles. This paper reports on this movement.

Keywords: Accounting certification, Central Asia, Russia, Ukraine, Moldova, former Soviet Union, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, International Financial Reporting Standards, IFRS

JEL Classification: D45,F21,G15,I2,J2,J44,J62,M49,M51,M53,P21