COMPARATIVE STUDY OF CHINESE AND RUSSIAN ACCOUNTING SYSTEMS: SIMILARITIES AND DIFFERENCES BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Zhao Yuran

Chinese Corporate Accounting Standards (CAS), which began to be implemented in 2007, were promulgated by the Ministry of Finance in February 2006 and gradually began to be implemented on January 1, 2007. China's new accounting standards are based on International Financial Reporting Standards, and the introduction of fair value is an important sign of the internationalization of China's accounting standards. However, there are still some differences compared to International Financial Reporting Standards.

Keywords:Chinese and Russian accounting systems, international standards, financial reporting