Accounting Standards Comparison between China and Russia

Abstract

Both Chinese and Russian accounting standards follow the IFRS convergence route, despite there being a difference in the degree of international convergence between the two countries. The article examines the specific criteria for financial statement presentation in China and Russia and discovers discrepancies in the basic requirements for financial statement presentation, financial statement composition, and information in notes to financial statements in both countries. The comparison in this article is used to provide theoretical guidelines for reciprocal economic investment between the two countries.