The necessity of transition of Russia to international standards of financial statements

This article is about discrepancies between Russian system of accounting and International Standards of Financial Statements which lead to the considerable differences between financial statement drawn up in Russia and Western countries. At present it is necessity for many Russian enterprises establishing of business relations to prepare financial statement adjusted for requirements of International Standards of Financial Statements, taking account of these differences. The process of transition of Russia to International Standards of Financial Statements should occur by stages in accordance with approved Program of reforming of accounting according to International Standards of Financial Statements.