IFRS-Russian Experience: Realities and Challenges. / Generalova, N.; Soboleva, G.; Sokolova, N.
INNOVATION VISION 2020: FROM REGIONAL DEVELOPMENT SUSTAINABILITY TO GLOBAL ECONOMIC GROWTH, VOL I-VI. IBIMA, 2015. p. 601-608.Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Research
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TY - GEN
T1 - IFRS-Russian Experience: Realities and Challenges
AU - Generalova, N.
AU - Soboleva, G.
AU - Sokolova, N.
PY - 2015
Y1 - 2015
N2 - IFRS became global standards of the financial reporting last years, process of convergence IFRS and national GAAPs is going. However, Russia always was the country with specific historical destiny. Accounting reforms in Russia come in special way. It is process transition from the Soviet accounting system in planned economy to the system in market economy. The paper deal with review of accounting reform, which took place during 1992-2014 years. This reform showed that Russia has not just copied IFRS but it has chosen the way of reasonable and prudent their application. The essence of this approach is following: convergence with IFRS and RAS: the financial statements are drawn up in accordance with RAS which in turn are developed under IFRS; introducing a mandatory requirement of drawing up consolidated statement under IFRS, as well as its mandatory audit and publication: consolidated financial statements of public companies are formed under IFRS.This paper review real applications IFRS in Russia: de-jure and
AB - IFRS became global standards of the financial reporting last years, process of convergence IFRS and national GAAPs is going. However, Russia always was the country with specific historical destiny. Accounting reforms in Russia come in special way. It is process transition from the Soviet accounting system in planned economy to the system in market economy. The paper deal with review of accounting reform, which took place during 1992-2014 years. This reform showed that Russia has not just copied IFRS but it has chosen the way of reasonable and prudent their application. The essence of this approach is following: convergence with IFRS and RAS: the financial statements are drawn up in accordance with RAS which in turn are developed under IFRS; introducing a mandatory requirement of drawing up consolidated statement under IFRS, as well as its mandatory audit and publication: consolidated financial statements of public companies are formed under IFRS.This paper review real applications IFRS in Russia: de-jure and
M3 - Conference contribution
SN - 978-0-9860419-4-5
SP - 601
EP - 608
BT - INNOVATION VISION 2020: FROM REGIONAL DEVELOPMENT SUSTAINABILITY TO GLOBAL ECONOMIC GROWTH, VOL I-VI
PB - IBIMA
ER -
ID: 3970599