Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia
Much has been written about the economic and political problems of countries that are in the process of changing from centrally planned systems to market systems. Most studies have focused on the economic, legal, political and sociological problems these
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Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia Robert W. McGee Andreas School of Business Barry University Miami Shores, Florida USA
Galina G. Preobragenskaya School of International Business Omsk State University Omsk, Russia
Springer
eBook ISBN: Print ISBN:
0-387-23887-5 0-387-23847-6
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TABLE OF CONTENTS Preface 1 2
3 4 5 6 7 8 9
vii
Introduction Problems of Implementing International Financial Reporting Standards in a Transition Economy: A Case Study of Russia The Current State of Auditing in Russia Recent Developments in Corporate Governance Problems of Foreign Direct Investment in Russia Taxation and Public Finance in Russia Accounting Education in Russia Accounting and Finance Certification in Russia Concluding Comments References Index
3 7 41 53 79 99 109 135 151 157 175
PREFACE Much has been written about the economic and political problems of countries that are in the process of changing from centrally planned systems to market systems. Most studies have focused on the economic, legal, political and sociological problems these economies have had to face during the transition period. However, not much has been written about the dramatic changes that have to be made to the accounting system of a transition economy. This book was written to help fill that gap. Using Russia as a case study we examined all the major aspects of accounting reform, starting with problems of implementation. We also examined the current state of auditing in Russia. Other studies looked at the changes in accounting education that are sweeping through Russian universities and the private sector and how international accounting certification is being used to meet the demand for credible accounting practitioners. We also devote chapters to corporate governance issues, the Russian tax system and the problems Russian enterprises face when they try to attract foreign direct investment. We would like to thank the anonymous reviewers who made many helpful comments and suggestions to the early drafts of these papers and to the participants at the conferences where earlier drafts of these chapters were presented. Their comments and suggestions greatly improved the final product.
ACCOUNTING AND FINANCIAL SYSTEM REFORM IN A TRANSITION ECONOMY: A CASE STUDY OF RUSSIA
Chapter 1
INTRODUCTION Accounting and financial system reform is not a new topic for Russian accountants and financial managers. Reform goes back to the days of the tsars. The communist revolution of 1917 produced additional changes, although the changes ma
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