Title: Converting the accounting system of a transition economy: a case study of Russia

Authors: Galina G. Preobragenskaya, Robert W. McGee

Addresses: Locia (An Audit and Consulting Firm), Ivanov St., House 18, Flat 53, Omsk 644048, Russia. ' Andreas School of Business, Barry University, Miami Shores, FL 33161, USA

Abstract: This paper examines factors that affect the accounting system in Russia as it moves towards the adoption and implementation of International Financial Reporting Standards (IFRS). Current rules are examined and selected and 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; Russia; accounting practice.

DOI: 10.1504/IJAAPE.2004.006356

International Journal of Accounting, Auditing and Performance Evaluation, 2004 Vol.1 No.4, pp.448 - 464

Available online: 24 Feb 2005 *

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