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International Accounting
 

Reforming Russian accounting: The history, current challenges, and prospects

Vol. 24, Iss. 5, MAY 2021

Received: 15 April 2021

Received in revised form: 19 April 2021

Accepted: 26 April 2021

Available online: 14 May 2021

Subject Heading: FINANCIAL ACCOUNTING

JEL Classification: M41

Pages: 524–547

https://doi.org/10.24891/ia.24.5.524

Tat'yana Yu. DRUZHILOVSKAYA National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
tdruzhilovskaya@yandex.ru

https://orcid.org/0000-0003-1345-9841

Subject. This article focuses on the evolution, current problems and prospects for further development of Russian accounting.
Objectives. The article aims to study the results of the reform of Russian accounting, identify its current challenges, and justify the prospects for further development.
Methods. For the study, I used critical analysis, synthesis, comparison, observation, and the analog approach.
Results. The article describes the stages of reforming Russian accounting since the beginning of Russia's transition to the market economy to the present day, and the achievements and areas of concern of the system of regulation of Russian accounting at the current stage of its development. It shows trends in the Russian Accounting Standards adoption, and it advances arguments in favor of promising lines for further development of the Russian Accounting Standards system.
Conclusions and Relevance. The evolution of Russian accounting since the beginning of Russia's transition to a market economy has been characterized by stages varying in the intensity of adoption of new accounting standards. The results of the reform of Russian accounting show the existence of both significant achievements and areas of concern. The future direction of further reform of Russian accounting should be the elimination of its current problems. The results obtained have both applied and theoretical spheres of application in the field of financial accounting.

Keywords: Russian Accounting Standards, International Financial Reporting Standards

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