By Robert W. McGee, Galina G. Preobragenskaya
This booklet appeals to a large phase of the educational industry. it is going to attract accounting and finance professors and scholars as the major subject of the e-book offers with accounting and fiscal procedure reform. it's going to entice economists within the subfields of transition economics and improvement economics since it addresses present matters of their box. it's going to additionally attract students within the box of Russian and East ecu stories and Asian stories as the publication is ready numerous East eu and Asian nations. coverage analysts and specialists who care for accounting, finance, transition economics or japanese Europe or Asia also will locate this e-book to be a beneficial reference and resource of present information.
Much of the data incorporated during this publication was once amassed from dozens of interviews performed with accountants, executives, educators and company governance experts in numerous towns. themes contain difficulties of enforcing overseas monetary Reporting criteria, fresh advancements in company governance, taxation and public finance, accounting schooling and accounting and finance certification.
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This view is confirmed by the fact that the majority of the largest companies prepare financial statements using either IFRS or US-GAAP in addition to the statements they are required to prepare using Russian accounting rules. Of the 34 Russian companies that are leaders in the Russian market and that have effective ADR programs, 8 produce US GAAP statements and 9 use IFRS format. Thus, 50 percent of the top companies produce two sets of financial statements. APPROACHES TO ACCOUNTING REFORM The process of reforming the accounting system has been going on for a long time.
In the comparison below, the option not to include interest costs in the cost of inventory - the general rule- is chosen just because it is the general rule. Inventory constitutes a material portion of assets for companies engaged in trade, retail and production. " Table 4 Comparison of IAS2 and PBU 5/01 rules On Inventory Requirements IAS 2 PBU 5/01 Content Goods for sale, Goods for sale, Raw materials, Raw materials, Accounting Reform in Russia 27 Work-in-progress, Finished goods 1 Finished goods Cost Costs of purchase (purchase price, Costs of purchase (purchase price, transportation costs, insurance and transportation costs, insurance and handling costs), nonrefundable taxes, handling costs), nonrefundable import duty, interests, other expenses, taxes, borrowing costs, import duty, directly associated with acquisition).
Exchange: Exchange: New asset is valued at thQfair value |New asset is valued at the price of assets given up. The price that is of being used to evaluate similar assets assets given up, unless assets are in similar circumstances. similar, plus (less) cash received (paid). (Epstein & Mirza 2002) Or, the price of acquired assets, in case of impossibility of determining the first price. Cost incurred consequent to purchase or self-construction Capitalized if it's probable that | Capitalized in cases of additions to Accounting Reform in Russia 29 future economic benefits beyond building, equipment, reconstruction.