Accounting and Financial Systems Reform in Eastern Europe by Robert W. McGee, Galina G. Preobragenskaya (auth.)

By Robert W. McGee, Galina G. Preobragenskaya (auth.)

Much has been written in regards to the fiscal and political difficulties of nations which are within the strategy of altering from centrally deliberate platforms to industry platforms. such a lot stories have enthusiastic about the commercial, criminal, political and sociological difficulties those economies have needed to face throughout the transition interval. besides the fact that, now not a lot has been written concerning the dramatic alterations that experience to be made to the accounting and monetary method of a transition financial system. This publication used to be written to assist fill that hole.

Accounting and monetary approach Reform in japanese Europe and Asia is the second one in a sequence to check accounting and monetary approach reform in transition economies. the 1st booklet used Russia as a case examine. the current quantity within the sequence examines a few extra elements of the reform in Russia and in addition appears on the accounting and monetary approach reform efforts which are being made in Ukraine, Bosnia & Herzegovina, Armenia and 5 critical Asian republics.

The sequence specializes in accounting reform, together with the adoption and implementation of overseas monetary Reporting criteria; accounting schooling in either the colleges and the personal area; accounting certification; company governance; and taxation and public finance.

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Example text

The fact that so many companies have already started to prepare their financial statements using either IFRS or US GAAP indicates that they are ready, willing and able to do it. Any change to require an international format will not be a shock to the financial system. One benefit of such an approach would be that Russian firms would be able to operate more efficiently, since they would not have to expend resources preparing statements using Russian standards that no one would read. Companies that start preparing IFRS statements for the first time would not experience any shock to their system, since many of the new terms have already been introduced to Russian accountants through PBU.

Space does not permit a full examination of all items in the balance sheet and income statement. The purpose of this research is to estimate the degree of differences between the two systems for some principal items, not to identify all differences. In this chapter we study the most material items from the standpoint of their weight in a company's balance sheet. Also we study the reasons why there might be material differences between IFRS and RAS. Some items, such as inflation accounting, are not examined in this chapter.

The MEDT approach also provides for the gradual shift of regulatory functions from government agencies to non-state institutions (Anon. 2004a). Small business has no plans to convert to IFRS, according to A. Sharonov, Vice Minister of MEDT (Anon. 2004b). In March 2004 the MEDT introduced its official proposal to switch to IFRS to the Finance Ministry. The revised 38 Accounting and Financial System Reform in Eastern Europe and Asia version agreed to by the ministries was to go to the government by 1 April 2004 (Anon.

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