Kozhevnikova, S.I. Topical aspects of introduction of the International Accounting Standards (IAS) in Russia

Abstract: Russia joining the World Trade Organization (hereinafter, the WTO), integration of the Russian business into the global economy requires the need to study and use the universal business language, which is understood by the whole world: the International Accounting Standards. The practice of application of the international financial reporting standards shows that they allow to guarantee the maximum usefulness of financial reporting for a wide range of users, allowing to cover the sufficient amount of financial information for all of the participants within a market. The article concerns the main legal difficulties and problems, which appeared when the IAC were introduced into the Russian practice, and it is noted, that when introducing the IAC into the Russian practice one should take into account some differences between the IAC and the Russian accounting standards. It is substantiated that use of the principle of priority of contents over the form is one of the important differences.

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