Accounting for perestroika

Article Abstract:

Russia's shift from a centrally-planned economy to a market-oriented one has been accompanied by economic decline, hyperinflation, pervasive corruption and the emergence of criminal mafias. Nevertheless, few observers expect the country to revert back to the state-controlled system that prevailed in the discredited Communist era. Instead, many believe Russia will proceed with its market reforms, albeit with a fair degree of political uncertainty clouding the process. One of the most important issues that Russian planners have to deal with is the completion of the state-run sector's privatization. To date, the privatization process has been undermined by Russian unfamiliarity with western-style business and the underdeveloped state of the country's accounting system. To smoothen the reform process, steps have to be taken to provide Russian managers with the management and accounting skills they need.

Management, Economic policy, Russia, Privatization, Privatization (Business), Corporations, Russian

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Accounting for China

Article Abstract:

The transformation of the Chinese economy from a stagnant control economy to a vibrant market-oriented one has brought about many changes in the country's business environment. These changes have been felt across the economic spectrum, with reforms fueling the overhaul of many institutions involved in Chinese industry. Some of the most significant changes have occurred in the Chinese accounting system. Once a funds-based, macro-oriented system geared primarily to the needs of a state-controlled economy, the Chinese system has since evolved into a modern system where procedures are increasingly aligned with International Accounting Standards. The influence of the traditional macro-oriented system, however, is still felt in areas such as disclosure and reporting requirements, depreciation accounting and inventory measurements.

China, Corporations, Chinese

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Understanding global standards

Article Abstract:

The globalization of business has made familiarity with International Accounting Standards (IAS) an increasingly important skill for management accountants in the US. However, while many US accountants now agree that an understanding of IAS can be a valued professional skill, only a few are willing to support changes in accounting standards intended to bring US practices closer to the norms established by the IAS. This prevailing viewpoint can only be called shortsighted since management accountants need to make these changes if they are to adhere to the harmonization proposals proposed by entities such as the International Organization of Securities Commissions and the International Accounting Standards Committee.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Standards, Accounting services, International Accounting Standards Board, Accounting law, International Organization of Securities Commissions

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