By Robert W. McGee
A lot has been written concerning the monetary and political difficulties of nations which are within the strategy of altering from centrally deliberate platforms to industry platforms. such a lot experiences have serious about the industrial, felony, political, and sociological difficulties those economies have needed to face throughout the transition interval. even if, no longer a lot has been written concerning the dramatic adjustments that experience to be made to the accounting and monetary process of a transition financial system. Accounting and fiscal approach Reform in a Transition financial system: A Case learn of Russia used to be written to aid fill that hole.
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A lot has been written concerning the fiscal and political difficulties of nations which are within the means of altering from centrally deliberate structures to marketplace platforms. such a lot reviews have interested in the commercial, criminal, political, and sociological difficulties those economies have needed to face throughout the transition interval.
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Additional resources for Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia
One Russian firm teaches a course on the IAS Chart of Accounts, which is really amusing to those who are knowledgeable about IAS, since IAS has no chart of accounts. This problem will be solved with time, as more English speaking Russian professors write their own texts and course materials. There is a joint Tacis PricewaterhouseCoopers project that is developing course materials in the Russian language, too, so that will also help to alleviate the problem of inadequate course materials. One question that was asked of both the large international accounting firms and the smaller Russian firms was whether the new university graduates they hired were adequately prepared.
Furthermore, there is less than total agreement on the value of ISA in the first place, so the incentive to fully and rapidly implement ISA is lacking. Many clients don’t want ISA audits, both because of the perception that such audits are not worth the cost and because such audits could increase their tax liability. Many auditors do not see the value in them, either. If there is little demand and only a small supply of audit firms willing and able to do ISA audits, then few audits will get done.
Russian culture, even before the communist era, produced a closed mouth society, at least as far as revealing information to bureaucrats, government officials and the general public was concerned (Figes 2002). Disclosure is new to the Russians and some of them do not know how to deal with it. Financial statement disclosure is sometimes more detailed than in the West, but the quality is often lower. Russian accountants tend to disclose information that has little or no value. They sometimes report extraneous information because they do not understand what is relevant for disclosure purposes.