During the course of the interviews a number of individuals commented on the lack of
credibility of Russian financial statements and the low level of accounting certification in the
Russian Federation. They also mentioned how the credibility problem is being dealt with. The
credibility problem is compounded by the recent increase in demand for high quality accounting
services.
The interviews confirmed what the literature said regarding the lack of credibility in
Russian financial statements. A study by Rozhnova (2000) of 1,040 Russian accountants
employed by 本文来自辣.文,论-文·网原文请找腾讯32491.14 legal) framework (88%)
* Frequent changes in laws and regulations (85%)
* Deliberate misrepresentation of accounting records (reluctance of enterprises to disclose
public information) (51%)
* Inappropriate accounting laws and regulations (45%)
The Finance Ministry of the Russian Federation has announced that all Russian banks
and many Russian corporations must start using International Financial Reporting Standards
(IFRS) as of January 1, 2004, with a full transition to be completed by January 1, 2007 (Anon.
2003a, b). The problem with Russia’s adoption of IFRS is that very few Russian accountants are
sufficiently familiar with IFRS to be able to certify the statements of Russian enterprises (McGee
and Preobragenskaya, 2004). This lack of local expertise is partially overcome by the Big-Four
accounting firms, all of which have offices in Russia and all of which certify the financial
statements of Russian firms. There are a few second-tier international accounting firms
competing for the Russian market as well (Anon. 2003c).
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