By Robert W. McGee, Galina G. Preobragenskaya (auth.)
Much has been written in regards to the financial and political difficulties of nations which are within the strategy of altering from centrally deliberate platforms to industry platforms. such a lot reports have inquisitive about the commercial, felony, political and sociological difficulties those economies have needed to face in the course of the transition interval. besides the fact that, no longer a lot has been written in regards to the dramatic alterations that experience to be made to the accounting and fiscal process of a transition financial system. This booklet used to be written to aid fill that hole.
Accounting and fiscal approach Reform in jap Europe and Asia is the second one in a chain to envision accounting and monetary process reform in transition economies. the 1st ebook used Russia as a case examine. the current quantity within the sequence examines a few extra features of the reform in Russia and likewise appears on the accounting and fiscal method 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 schools and the personal 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
In the case of debt securities and loans, their capitalized value must be disclosed. Of course, we have not examined every Russian standard. At present, there are some IFRS that have no Russian counterpart. That can create considerable differences between a set of financial statements prepared using IFRS and one using RAS. For example, there is no Russian rule for accounting in a hyperinflationary economy. Russia, being a transition Accounting Reform in Russia 31 economy, sometimes experiences serious inflationary splashes.
Companies were under a heavy tax burden then. The amount of tax liability a company had in those days approached 90 percent of net sales. Furthermore, during the initial period of the transition to a market economy, the tax rules changed constantly. Despite the constant changes, which were aimed at improving and reforming the tax system, many provisions could be interpreted in a number of ways. As a logical consequence of such a heavy tax burden, companies looked for ways to minimize taxes. Part of the economy went into the shade (black market).
There is not much literature in the Ukrainian language that explains how to use the standards. This lack of Ukrainian language materials does not cause much of a problem in the Eastern part of Ukraine, since the main language there is Russian and there are some Russian language materials available, although the quality of those materials has been criticized. But lack of Ukrainian language materials is somewhat more of a problem in the western part of Ukraine, where the Ukrainian language is more prevalent.
Accounting and Financial Systems Reform in Eastern Europe and Asia by Robert W. McGee, Galina G. Preobragenskaya (auth.)