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

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

Much has been written in regards to the financial and political difficulties of nations which are within the strategy of altering from centrally deliberate structures to marketplace structures. such a lot reports have serious about the industrial, felony, political and sociological difficulties those economies have needed to face throughout the transition interval. in spite of the fact that, no longer a lot has been written concerning the dramatic adjustments that experience to be made to the accounting and monetary procedure of a transition economic climate. This e-book was once written to assist fill that hole.

Accounting and monetary method Reform in japanese Europe and Asia is the second one in a sequence to envision accounting and monetary approach reform in transition economies. the 1st publication used Russia as a case examine. the current quantity within the sequence examines a few extra facets of the reform in Russia and likewise seems to be on the accounting and monetary procedure reform efforts which are being made in Ukraine, Bosnia & Herzegovina, Armenia and 5 principal Asian republics.

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

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An examination of the way Russian accountants apply the law and how the law works in practice is the next topic for discussion. THE PRACTICAL FUNCTIONING OF THE ACCOUNTING SYSTEM IN RUSSIA The level of development of accounting regulation is heavily influenced by the society in which it operates. But societal influences are by no means the only influences. If one were to discuss the degree of Russian financial statement compliance with IFRS, it is necessary to consider at least two factors - the correspondence of the rules and the observance of those rules.

Only a few hours of lectures are devoted to IFRS at the universities. The need for capital drives the market. Internal sources of capital are exhausted. There is no public equity in Ukraine. Private equity exists. Ukrainian companies often do not go to the debt market for capital because it is too expensive. However, those companies that have IFRS financial statements are able to obtain capital at lower interest rates than companies that have only Ukrainian financial statements. There is a need to rationalize business and clean up the financial statements to obtain equity capital, which is the cheapest source of capital.

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.

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