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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 concerning the financial and political difficulties of nations which are within the means of altering from centrally deliberate platforms to marketplace platforms. so much experiences have curious about the commercial, felony, political and sociological difficulties those economies have needed to face throughout the transition interval. despite the fact that, now not a lot has been written in regards to the dramatic adjustments that experience to be made to the accounting and fiscal method of a transition economic climate. This publication used to be written to aid fill that hole.

Accounting and fiscal process Reform in japanese Europe and Asia is the second one in a chain to ascertain accounting and fiscal method reform in transition economies. the 1st ebook used Russia as a case research. the current quantity within the sequence examines a few extra features of the reform in Russia and likewise appears to be like on the accounting and monetary approach reform efforts which are being made in Ukraine, Bosnia & Herzegovina, Armenia and 5 primary 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 non-public region; accounting certification; company governance; and taxation and public finance.

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Extra resources for Accounting and Financial Systems Reform in Eastern Europe and Asia

Example text

Programme for the Reformation of Accounting in Accordance with International Accounting Standards," Government Decree #283, dated March 6, 1998. Rozhnova, 0. 2000. html (Rus). Shama, A. and McMahan, G. 1990. Perestroika and Soviet Accounting: From a Planned to a Market Economy, The InternationalJournal ofAccounting 25: 155-169. Shatalov, S. 2003. IFRS will have to be followed only by big companies. PrimeTASS. mid=3853258&s=6. "Statement on Accounting and Financial Reporting in the Russian Federation," Ministry of Finance of the Russian Federation, Order #34H, dated July 29, 1998.

However, demand for knowledge of IFRS is also lacking, which provides little incentive for local Ukrainian accounting firms to develop expertise in this area. As a result, the top international accounting firms, mostly the Big-4, have captured most of the market for this expertise. Nearly all of the largest companies in Ukraine retain the services of one of the Big-4 and it is primarily the large companies that can see any use for IFRS, since it is mostly the largest enterprises that are going to the international capital market in search of capital.

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.

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