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 concerning the financial and political difficulties of nations which are within the means of altering from centrally deliberate platforms to marketplace platforms. so much reports have fascinated by the industrial, felony, political and sociological difficulties those economies have needed to face in the course of the transition interval. notwithstanding, no longer a lot has been written in regards to the dramatic alterations that experience to be made to the accounting and fiscal procedure of a transition financial system. This e-book used to be written to assist fill that hole.

Accounting and monetary procedure Reform in jap Europe and Asia is the second one in a sequence to ascertain accounting and fiscal process 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 appears to be like on the accounting and fiscal process reform efforts which are being made in Ukraine, Bosnia & Herzegovina, Armenia and 5 important Asian republics.

The sequence makes a speciality of accounting reform, together with the adoption and implementation of foreign monetary Reporting criteria; accounting schooling in either the colleges and the non-public zone; accounting certification; company governance; and taxation and public finance.

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

Example text

Small business has no plans to convert to IFRS, according to A. Sharonov, Vice Minister of MEDT (Anon. 2004b). In March 2004 the MEDT introduced its official proposal to switch to IFRS to the Finance Ministry. The revised 38 Accounting and Financial System Reform in Eastern Europe and Asia version agreed to by the ministries was to go to the government by 1 April 2004 (Anon. 2004). The Finance Ministry is concerned that converting to IFRS might result in a Russian Enron (Anon. 2003b). The situation in 2003 was thus repeated even to the exact date - 1 April - the date in 2003 that was the deadline for sending the version agreed to by the two ministries to the government.

But this causes a problem because the definitions for certain terms are different and the Duma is too busy working on more important matters to do anything about it. Administrative Aspects. The process of introducing IFRS into Russian practice is not helped by the fact that several different departments and ministries are involved in the process. Also, there is little coordination in their actions. The Finance Ministry, the MEDT and the Central Bank are all involved, as are the people who regulate the securities markets.

And Mirza, A. A. 2002. IAS Interpretation and Application, New York: John Wiley & Sons. Federal Law #129, "On Accounting", adopted 26 Nov 1996. Federal Law #86, "On Central Bank of Russian Federation," adopted 10 July 2002. Federal Law #208, "On Joint-Stock Companies", adopted 26 Dec 1995. Accounting Reform in Russia 43 Gorelik, G. 1974. Soviet Accounting, Planning, and Control, Abacus, 10(1): 13-25. Instruction On Accounting for Budget Organizations, Ministry of Finance of the Russian Federation, Order #107H, dated December 30, 1999.

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