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International Accounting
 

The structure of financial statements in Russia and China

Vol. 17, Iss. 31, AUGUST 2014

Available online: 20 August 2014

Subject Heading: Foreign experience

JEL Classification: 

Pages: 28-37

Petrov A.M. Financial University under Government of Russian Federation, Moscow, Russian Federation
palmi@inbox.ru

Lymar' M.P. Financial University under Government of Russian Federation, Moscow, Russian Federation
lymarm@mail.ru

In the light of recent political and economic development in the world, the economists increasingly discuss the comprehensive increase of the level of the Sino-Russian trade and investment cooperation, as well as promotion measures of the stable development of the economy of regions and countries as a whole. Accounting statements of both the Russian and Chinese enterprises are the source of economic information about the features of their economic and commercial activities, financial situation and future development prospects. The financial reporting data in both countries are reflected in the statistical reports, economic and financial handbooks. Both countries witness the process of reform of national systems to be cast in line with international standards, which is in high gear. Therefore, it is advisable to carry out a comparative analysis of the peculiarities of the basic forms of accounting in China and Russia in order to highlight the main points of the methodology of its formation.

Keywords: China, Russia, accounting, financial statements, IFRS

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