The History of IFRS Development in the Russian Federation From Late 1980’s to the Present Day: Did Russia Manage to Catch Up?

Year 2019, Issue: 16, 176 - 205, 01.01.2019

Angelina Andreenkova

Abstract

The present research paper aims to define the extent, to which the Russian accounting system complies with the set of accounting standards, developed by the International Accounting Standards Board in particular, as well as with the internationally accepted accounting practices and regulations in general at the present moment through the prism of its both modern and recent history. The strategic aim of the study is to answer the question whether Russia managed to catch up with the IFRS endorsement processes or not. To achieve the goal, the author conducted a profound analysis of the Russian accounting legal base for the period of more than 25 years. Furthermore, the paper presents and discusses the results of the convergence measures undertaken by the Government and the Ministry of finance of the Russian Federation. The research also seeks to bring to light the perspectives of the IFRS adoption process flow in the Russian Federation.

Keywords

Accounting history, accounting standards, IFRS adoption, Russian Accounting Standards (RAS), emerging economies, IFRS implementation problems, accounting reforms

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