The Preconditions for the Convergence of the National Accounting Systems of Russia and China

• Published in: Učët. Analiz. Audit (Online) Vol. 5; no. 1; pp. 88 - 97
• Main Author: Marina Pavlovna Lymar’
• Format: Journal Article
• Language: Russian
• Published: Government of Russian Federation, Financial University 01.01.2019
• Subjects: accounting; accounting reporting; accounting system; china; convergence; ifrs; russia; бухгалтерская отчетность; бухгалтерский учет; китай; конвергенция; мсфо; россия; учетная система
• ISSN: 2408-9303; 2619-130X
• DOI: 10.26794/2408-9303-2018-5-1-88-97

Subject. The subject of this paper are the main prerequisites for the harmonization of Russian and Chinese national accounting systems, as well as the main difficulties of convergence based on IFRS. Purpose. The purpose of the article is theoretical and practical justification of the possibility of convergence of Russian and Chinese accounting systems by considering the basic prerequisites for their independent development, as well as an analysis of the problems of transition of the two systems to IFRS standards. Methodology. The systematization of information about the studied objects was carried out by comparing the features of the historical, economic, national and ethical development of the two countries, by appealing to the analysts of Russian and Chinese authors, as well as the practice of drawing up financial statements by Russian-Chinese joint ventures. Results. As a result of the analysis, the main historical and normative prerequisites for convergence of the accounting systems of the two countries have been singled out, the main difficulties in comparing accounting practices and mechanisms for drawing up and presenting financial statements have been disclosed, and recommendations have been made for their elimination. The path of “club convergence” is proposed, which takes into account the historical, ethical and mental features of the national accounting systems of Russia and China. Conclusions. As the study showed, at present there are various prerequisites for the development of the concept of regional accounting convergence between Russia and China and other countries, in order to form a methodological apparatus for comparing the main elements of reporting of joint Russian-Chinese firms, for the successful implementation of joint investment projects in the energy sector, the military industrial complex, construction of large-scale infrastructure facilities, as well as strengthening trade cooperation. The conclusions and recommendations made by the author can be used in the training programs of the Russian-Chinese export center.