1.2. Features of application MSFO in the different countries

In invariable kind MSFO are applied seldom. The majority of the companies at drawing up of the financial reporting is done by following marks: it is made not in conformity MSFO, and on the basis of MSFO; national standards which are close MSFO; are based on MSFO; in an order similar MSFO or on the basis of basic requests MSFO.
According to SMSFO in 2005, MSFO are allowed to application in 23 countries and are obligatory in 65 countries.
Today there are following levels of application MSFO:
Application MSFO as national standards;
The national organisations on working out of standards of the financial reporting use MSFO as a basis for working out of the own;
Stock exchanges and the regulating bodies obliging or allowing to the companies to grant the consolidated financial reporting according to MSFO (among them about 70 stock exchanges from 50 countries of the world: the New York stock exchange, NASDAQ, the London, Tokyo and Frankfurt exchanges). It is considered one of principal causes of application MSFO necessity of attraction of financing on the international capital markets;
Nadnatsionalnye the organisations, for example, the European Union which has declared introduction MSFO since 2005 for the companies which are quoted in the international share markets;
Some organisations use MSFO at drawing up of the financial reporting (the European bank for Reconstruction and Development, the International organisation of the commissions on securities, the International Olympic committee, OESR, World Bank);
The companies grant the financial reporting in complete conformity with MSFO, that is confirmed by audit reports (Microsoft, Nestle, Allianz, ENI, Nokia, Air France, Renault, Deutsche Bank, Olivetti, Roche, Fiat, Volkswagen, Lufthansa, Adidas and others) [63].
In 2006 Company Deloitte has carried out research actual at -
menenija MSFO at reporting drawing up for 2005 (table 1).
Table 1
Specificity of application MSFO worldwide on the beginning of 2006 (according to the information from a site www.iasplus.com)
Conditions of application MSFO
The countries
The countries in which there is no national stock exchange
MSFO are allowed to application by the national organisations
Belize (the companies can apply MSFO or other conventional standards), Va-nuatu, Cambodia (some companies apply MSFO)
MSFO are not allowed to application by the national organisations
Albania (the companies apply the national legislation), the Virgin Islands (USA) (the companies apply GAAP the USA), Guam (the companies apply GAAP the USA)
The countries in which there is a national stock exchange
MSFO are not allowed to application by the national organisations which securities are admitted to the circulation through organizers of trade on a stock market
MSFO are allowed to application by the national organisations which securities are admitted to the circulation through organizers of trade on a stock market
MSFO are obligatory for some national organisations which securities are admitted to the circulation through organizers of trade on a stock market
MSFO are obligatory for all national organisations which securities are admitted to the circulation through organizers of trade on a stock market
Argentina, Benin, Brazil, Burkina Faso, Butane, Vietnam, Ghana, Israel, India, Indonesia, Colombia, the Cat-d'ivuar, Canada, Malaysia, Mali, Mexico, Mozambique, Moldova, Niger, Pakistan, Saudi Arabia, Syria, the USA, Taiwan, Thailand, That, Tunis, Uzbekistan, Fidji, Chile, South Korea, Japan
The Antilles, Aruba, Bermuda, Bolivia, Botswana, Brunei, the Virgin Islands (Great Britain), Gibraltar, Dominica, Zambia, Zimbabwe, Kajmansky islands, Laos, Lesotho, Macao, Morocco (except the credit organisations), Myanma, El Salvador, Surinam, Swaziland, Turkey, Uganda, Uruguay, Switzerland (for the international organisations - along with GAAP the USA), Sri Lanka
China, Kazakhstan (banks), Romania (the companies of the national importance, with 2005 - all large companies), Russia (banks), Ukraine (banks), the United Arab Emirates (banks, and also the organisations participating in trade in the International financial centre in Dubai) Australia, Austria, Armenia, the Bahamas, Barbados, Bangladesh, Bahrain, Belgium, Bulgaria, Bosnia and Herzegovina (all large and average companies), the Great Britain, Hungary, Venezuela, Haiti, Gyana, Guatemala, Germany, Greece, Georgia, Honduras, Hong Kong, Denmark, Dominican republic, Egypt, Jordan, Ireland, Is-landija, Spain, Italy, Qatar, Kenya, Cyprus, Costa Rica, Kuwait, Kyrgyzstan, the Armour -
vija, Lebanon, Lithuania, Liechtenstein, Luxembourg, Mauritius, Macedonia, Malawi, Malta, Namibia, Nepal, the Netherlands, Nicaragua, New Zealand, Norway, Oman, Panama, Papua - New Guinea, Peru, Poland, Portugal, Singapore, Slovakia, Slovenia, Tajikistan, Tanzania, Trinidad and Tobago, Philippines, Finland, France, Croatia, Czechia, Sweden, Ecuador, Estonia, the republic of South Africa, Yugoslavia, Jamaica
Table 2
Dynamics of distribution MSFO on the countries for 2003-2005
Conditions of application MSFO 2003 2005 Are allowed to application 32 25 Are obligatory for some organisations 6 6 Are obligatory for all natsio-nalnyh the organisations 32 73 TOTAL 70 104 Table 3 Distribution of various standards of the financial reporting to a cut
Market capitalisation for 2005
The markets capitalisation Level
trln US dollars of % 37
The markets where MSFO dopuska-jutsja or 11 30,56 Markets where 17 47,22 Markets where are applied mainly Japan GAAP 4 11,11 Other markets 4 11,11 Market capitalisation only 36 100 Under capitalisation are applied mainly GAAP the USA are obligatory product of the quotation of ordinary shares of the company on the general number of the manufactured ordinary shares, that is the company price in the open market is understood.
The international standards are not applied yet in 35 countries. It is caused by the various reasons. For example, economy of Israel and the countries of the South America closely related from the USA that is the defining factor at a choice of standards of book keeping. Distribution of the international standards to the countries will depend on influence of other states which have already passed on MSFO, and results of process of convergence with GAAP the USA. In Canada and Japan national standards of the financial reporting are applied. However economic interest forces these countries to consider possibility of rapprochement with MSFO.
Analyzing tendencies of distribution MSFO according to company Deloitte research, it is possible to notice, that the general number of the countries using at drawing up of the financial reporting the international standards, has increased
On 48 %, and the quantity of the states where application MSFO is obligatory, has increased in 2,3 times (table 2).
It is necessary to evaluate prevalence MSFO from the point of view ekono-micheskogo developments of the countries applying the international standards (table 3). According to IOSCO, in 2005 the market large part belonged to the companies making the reporting on GAAP the USA, however, considering last agreements, signed KMSFO with bodies of financial regulation of the USA, China, Singapore and other large representatives of the financial market, in the future the situation can be changed. Of 500 largest companies of the world (on rating Fortune 500) 176 make the reporting on GAAP the USA (35 %), 200 companies use MSFO (40 %) and 81 company - Japan GAAP (16 %). These data reflect result which have at present reached MSFO, and also reflect importance of convergence MSFO with GAAP the USA.
Review MSFO at national level allows to define following basic features of their application:
working out of programs of transition on the countries MSFO Is carried out in
All world. In the given dissertational work we will stay on the following
Examples [98,99]: Process of convergence of the Japanese standards and MSFO has begun in the late nineties 20 centuries. The foreign companies had always some difficulties at an exit on the markets of Japan, therefore the primary goal of Committee on accounting standards of Japan (ASBJ) was not so much rapprochement with
MSFO, but also improvement of national standards with use of the world
Experience. The companies reporting on Japan GAAP, have huge significance in economic. According to IOSCO, at world capitalisation as of the end of 2005 in 36 bln. US dollars on a share of such companies it is necessary about 4 bln. US dollars, that is more than 11 %. From 500 largest companies of the world (it agree Fortune 500) 81 (or more than 16 %) report on Japan GAAP. Это1 testifies to the big importance of convergence MSFO and Japan GAAP, and today ASBJ it is interested in its activization. In the beginning of March, 2006 third meeting ASBJ and SMSFO on which the Tokyo agreement has been signed has taken place and the plan of convergence of systems of the account is confirmed. Its short-term part should be finished by 2008.
In February, 2006 the Committee on accounting standards of China (CASC) has developed and has confirmed one similar to Concept МСФО1 (Framework) and 38 new standards of book keeping based on MSFO (except for several differences). With January, 1st, 2007 all auditor, and also zaregi-strirovannye at company stock exchange should co-ordinate the deja-telnost with the accepted standards. Concerning other organisations their application is welcomed.
Process of convergence of national system of the account with MSFO passes in India in regular intervals. Following the results of the research conducted by the Reserve bank of India in December, 2004, the list of differences of national system of the account ' from MSFO gradually decreases.
On Philippines in 2005 all MSFO have been accepted without changes, and not only for the companies which securities address on the opened
The market, but also for the others socially and economically significant organisations of the country. The companies which are subject to inclusion in listing, are obliged to apply on - tsionalnye standards which completely correspond MSFO.
Standards of Singapore, obligatory for application in all companies of the country, are equivalents MSFO, except for several differences in estimation and recognition principles.
According to EU MSFO legislation in Estonia are a legislation part. Since 2003 all Estonian companies have a choice: to make the financial reporting under the international or national standards. The financial reporting on MSFO starts all official bodies. The companies which make the financial reporting under the international standards, do not have necessity to make the second complete set under national standards. National standards of Estonia represent is simplified thy variant MSFO: measurement and recognition rules correspond mezhduna-native, and requests to disclosing of the information are a little bit softer. Financial results in the reporting under national standards usually correspond to financial results on MSFO.
On May, 9th, 2006 the Board of directors of the Central bank of Brazil, taking into consideration current tendencies of economic and acceleration of process of globalisation, has decided, that all banks accountable to it and the other commercial organisations (including investment funds) - should make the financial reporting according to MSFO. Completely to pass to standards
MSFO have planned till the end of 2010.
Introduction MSFO in the republic of South Africa has been begun in May, 2001, when the South African Advice under reporting standards (ASB) has developed strategy of convergence of the South African standards of the reporting (SA GAAP) and MSFO. Account standards in the republic of South Africa are rather similar with international, except for some requests on disclosing of the information from the regulating authorities. In June, 2003 the board of the largest exchange in region (JSE), has established new rules of procedure of listing. According to them, all companies, whose shares are quoted on JSE, are obliged to grant the reporting according to MSFO for all accounting periods beginning on January, 1st, 2005. The special supervising commission watches fulfilment of new requests JSE learning-stnikami to the market. Till this moment they had possibility to choose a method of drawing up of the financial reporting: on MSFO or on national a camp-dartam. Thus, it is necessary to consider 2005 official date of transition of the republic of South Africa on the international system of standards of the account.
In December, 2002 government agency ASRB recommended-government New Зеландии* introduction of the obligatory reporting on MSFO for all public companies. By a deadline it has been named on January, 1st, 2007. Besides, since January, 1st, 2005 of the company had an opportunity voluntary to pass on MSFO. It has publicly been declared a course change of work ASRB towards the international system and creation of uniform system of the account for the public and private companies. Minimum distinctions with MSFO, considering features of a national economic situation in the form of additional recommendations or application guides are assumed
On the basis of the conducted interrogation Advice (AcSB) has produced the Strategic Plan on application MSFO by all public Canadian companies. Convergence process proceeded, its essence however was essentially changed: probably when it does not conduct lips-wounds of distinctions to contradictions with MSFO: Canada was ready to occurrence of contradictions with system GAAP of the USA, but, according to regulators, these contradictions should but-sit a temporality in view of proceeding teamwork ameri-kanskoj to the organisation and SMSFO. The key program AcSB reflecting prospects of development of standards of Canada in the future, the ratifitsiro-bathroom the version of the Strategic Plan is. According to the development program, Advice will allocate three separate categories of the companies, the approach bu-is put to be applied to each of which: the public companies, the private companies w not-commercial the organisations. For the public companies complete transition on MSFO is planned. After transitive term system Canadian GAAP for the public companies will terminate the existence. Concerning frequent th companies transition gentle approach on MSFO, uchity-vaja interests of these companies is planned more. For noncommercial structures AcSB suggests to use elements Canadian GAAP in those cases, where their application obos-novanno.
As of the middle of 2001 the French companies kept account under the French standards (French GAAP). Exist a number of distinctions between the French standards and MSFO, however it was authorised to some companies to make finansovuju'otchetnost according to MSFO, at uslo -
vy, that it will not lead to distinctions of data on two systems. In June, 2002 the European Commission has decided, that all commercial organisations, including banks and the insurance companies, whose shares address at the European stock exchanges, are obliged to make the consolidated financial reporting according to requests MSFO for all accounting periods beginning since 2005. France is a member of EU, hence, in 2005 its complete transition to system MSFO has taken place.
the institutes supplying introduction MSFO and realisation of supervision of their observance (table 4) Are formed and fixed.
Table 4 the Supervising institutes supplying introduction MSFO and osushchest -
vljajushchie supervision of their observance
The country Supervising institutes France Committee on book keeping regulation
Regulating body of financial services
The structure supervising professional auditor practice Germany the German committee under standards of book keeping
The German advice on legal regulation of the financial reporting
The federal organisation on financial supervision. The Great Britain Advice under the financial reporting Pakistan Branch on monitoring and regulation of the Commission on securities Southern Africa Advice on monitoring (the joint organisation between Institute of professional accountants and exchange of Johannesburg) Turkey Advice on the markets of capitals 44
* For the decision; technical and strategic questions and problems many
The countries use wide public discussion. One of most; the studied mechanisms the European consultative group under the financial reporting (European Financial is; Reporting Advisory Group, EFRAG).
In many countries; researches and reviews of the first results of introduction MSFO are carried out. In particular; results have published SEC, To-mitet under the financial reporting of the Great Britain, the Regulator on the financial markets of Holland. As a whole in these, researches it is marked improvements in use MSFO;. However it is observed; inconsistency in application отдельных1 requests; poor quality of separate disclosings, increase of their volume; complexities in і understanding and application! Separate, standards. In? Same time downward tendencies of such complexities in process of operational experience accumulation і according to MSFO are marked:
Necessity for technical materials, and also for formation of system of training of personnel remains extremely actual; especially for the countries with developing iperehodnoshekonomikoj: According to A.Kalano-va, failure of excessive detailed elaboration [99] is inherent in the international standards. Separate details: and practical realisation of requests of standards remain on professional judgement of the experts working in given area. As formation and; knowledge at people various,
That both decisions and approaches do not coincide at all. Absence razjasne -
ny, accurate instructions leads to different interpretations and inconsistency in application of the international standards. It is necessary to find the compromise between principles and rules.
The professional organisations in the course of distribution and understanding of questions MSFO, in training of personnel and teaching materials make positive impact.
Among the key questions causing difficulties of introduction MSFO, the following is allocated:
Fair cost;
Financial instruments;
Lease (financial lease);
The profit tax;
Drawing up of the financial reporting agrees MSFO for the first time.
Increase of reliability of financial reports and measures on predotvrashche niju frauds at their drawing up. The given problem always was actual, since times of formation of the share markets. Special attention she has deserved last years in connection with increased masshta bami swindle. Examples of the largest corporate scandals are resulted in table 5.
Table 5
The largest corporate scandals in the USA
The company Time
The beginnings
Scandal Mechanisms of swindle Enron October 2001г. Infringements in system of the financial reporting of trading by electro-energy (for overestimate of gross volumes of bargains). A conclusion zadol-zhennosti on balances of 3000 affiliated companies that has led from 31 billion dollars of a debt. Swindle with pension th schemes. Use by a management insider infor-matsii for sale of own shares. Result - smashup of the business. Tyco January 2002г. Use of shadow schemes in operations on merge and absorption, minimisation of taxes. Use by a management of the insider information for sale of shares. Global Crossing January 2002г. prodalsa virtual services of access to the Internet between holding branches led to formation of the overestimated turn-overs, but in a reality did not make any profit. Wrongful management races-expenditure. General Electric April 2002г. Use of credits of a pension fund for increase in margins of profit Rite Aid May 2002г. Overestimate of volumes of profit on 20 % through accounting frauds with obligations WorldCom June 2002г. Offset of costs for the sum of 3,9 billion dollars of capital investments (overestimate of margins of profit), and also wrongful credits to members of board of directors Xerox June 2002г. Overestimate of volume of profit on 36 % (1,4 billion dollars) for last five years the Source: data Reuters (the Expert №26 (332) from July, 8th 2002) 47
As a result of the country have been compelled to take the measures directed on struggle against the appeared facts of swindle. The greatest successes in the given direction have achieved the USA. In 80th years of the XX-th century of the USA have created the national Commission on swindle in the financial reporting (COSO). In 1992 the professional community had been generated association of the independent certificated accountants on swindle revealing in the financial reporting (ACFE). The given association annually (since 1996) publishes the special report of the nation on swindle in the financial reporting. Losses of shareholders from the above described acts are rather significant and have tendencies to growth. So, according to ACFE, resulted in the indicated reports if in 1996 they made 400 billion US dollars in 2004 have reached 660 billion US dollars [81].
The uniform technique of detection in the financial reporting of the organisations of the facts of swindle does not exist, as the persons who do not have high morally-ethical principles use rather diverse receptions in such affairs. However, despite all complexity of a problem, economists from the developed western countries have carried out researches about search of the facts of swindle. The most scale researches in 1999 were conducted by American scientist Messod Benish on materials of 2 406 companies, among them of 3,1 % took the companies in which reports the swindle facts are elicited, and in the others of 96,9 % of such phenomena it is not revealed. It has been as a result established seven key factors, which under certain circumstances
Can testify to availability in the financial reporting of the facts of swindle:
Growth rates of the receipt (if they above sredneotraslevyh);
Rates of decrease in a share marzhinalnogo the income in a gain (if the gain from sales increases, and the share marzhinalnogo the income in it decreases);
Growth rates of quality of assets (if growth vneoborotnyh assets is not connected with increase in permanent assets);
Growth rates oborachivaemosti a debt receivable in days (if this indicator in comparison with a previous accounting period was sharply increased/has decreased);
Growth rates of the costs falling to a gain from sales (if it considerably deviates its level in the previous accounting period);
Growth rates of amortisation costs in initial cost of permanent assets (if it sharply differs from its level for the previous period);
Growth rates of the financial lever (if swings over in its size in comparison with its level for the previous accounting period are observed).
The probability of detection of the facts of swindle in the financial reporting of the companies working in Russia as practice shows, is insignificant; there is no strict liability for similar action sorts. As a result swindle in the financial reporting becomes a choice of considerable number of the companies. It is necessary to strengthen attention to this problem, in particular, to about -

To management complex researches in the given direction, including on search of additional factors;.ukazyvajushchih on availability of swindle in the financial reporting. Business; in that; that up to the end yet reshet Resulted seven factors Messod Benisha allow to reveal this question not bo lee on-loviny made frauds in the financial reporting from their general number; And - it is necessary to develop for the others still corresponding toolkit of their search [70] t
In our country it is necessary to think of working out? New.spetsialnogo a rate: Swindle in the financial reporting, составлением* on it of the curriculum; to a writing: manuals: and to creation of other components of the educational module on the given? To discipline. In it results at that circumstance, that in the international practice (in І =shaishchelomt a number of others-countries) from external auditors now demand obligatory check of the financial reporting of the companies about availability-in it of the swindle facts.
Realisation of the given offers; will allow to decide only a part present in considered ^ to sphere of problems; In parallel at"level of the state not to make essential changes to the legislative! The base connected with the financial reporting of the organisations in which there is no concept - definition swindle in the financial reporting . There is no also a criminal liability of persons for similar action sorts, that * in; modern conditions (considering weight of consequences generated by such crimes) it is quite possible to regard as the inadmissible phenomenon. In Russia does not get analogue of law Sarbejnsa-Oksli^BoH), accepted in the USA in July, 2002 after a number
Corporate scandals and directed on protection of the rights of investors. SOX-it [136]:
11 new requests on system of conformity;
More than 90 sections of the normative statement;
More than 300 separate rules of law supplied by sanctions;
More than 1000 resultants of interpretations and petitions since July, 2002;
The increased responsibility of a management and audit committees;
New standards of certification for external auditors;
New rules of certification for financial and chief executives;
The increased fines on discrepancies.
For the majority of joint-stock companies the legislation should come into force after November, 15th, 2004 (date has been transferred: since June, 15th, 2004). The small foreign companies were supposed to be transferred to new requests after July, 15th, 2005 (date has been transferred since April, 2005). Since 2005 SOX it is applied to:
To the companies which are quoted in the open market of the USA;
To the foreign branches of the companies which are quoted in the open market of the USA;
To the Neamerikansky companies with the branches which securities are quoted at exchanges in the USA;
To the American companies registered abroad;
To the Neamerikansky companies, closely related with business processes of the companies quoted in the USA (for example, the integrated chains of deliveries);
To the Neamerikansky companies, which have (or plan) business ties with government agencies of the USA;
To the Neamerikansky companies with a significant volume of business in territory of the USA;
To the Neamerikansky companies which plan process of merge or absorption with the company which is quoted in the USA
Today conformity SOX became universal practice of business and many companies have voluntary accepted requests SOX for increase of investment appeal and business dealing possibility in the international market.
Requests SOX is not legislative necessity, and new frameworks of a policy of attraction of investments on foreign capital markets:
Department BAFIN (Germany) plans acceptance of the similar law for regulation of the German market;
CESR and the Council of ministers of finance and economic affairs (ECOFIN Council) also has put forward the initiative on which basis in May, 2004 the instruction on strengthening of measures on maintenance transparentnosti and to improvement of the information for investors has been accepted;
it is possible, and in Russia shortly will appear similar zakonoda telstvo, toughening system of conformity for the enterprises, koti rujushchih the securities at exchanges.
It is obvious, that system of regulation of activity of the companies quoting the securities in the world share markets, becomes complicated and puts the enterprises in frameworks of a rigid competitiveness in the market of investments. With introduction SOX the number of a similar sort of economic crimes was sharply reduced.
Financial and executive directors of the companies now personally not sut responsibility for completeness and accuracy of the information which are in financial reports, and also for efficiency of the basic control at the rate to 5 million US dollars of fines and 20 years prison for kljuchenija;
The significant foreign investment companies have paid fines at the rate about 8,3 million US dollars for the wrong organisation of system of electronic document circulation;
UBS PaineWebber has paid the fine of century of 500,000 US dollars for concealment by the broker of the client information;
Deutsche Bank has paid the fine in 750,000 US dollars for the arisen situation of a conflict of interests at company amalgamation HP and Compaq;
Schering-Plough Has paid 500 million US dollars for settlement of a situation with FDA [136].
In Russia according to articles 201 and 202 Criminal codes of the Russian Federation (further - UK the Russian Federation) is provided responsibility of the persons performing in the company
Administrative functions, and also auditors for the actions, bringing it benefit, and to the company or other persons - a damage. However concrete descriptions of the mechanisms supplying reliability and a transparency of the financial reporting, no. In the circumstances it is important to consider the accumulated experience of Europe and the USA at the decision of questions of swindle in Russia.
For the forecast it is necessary to define plans SMSFO which accepts new standards MSFO, changes old and is responsible for development of the international standards and their advancement worldwide. Thereupon it will be expedient to analyse the application of chief SMSFO of Sir David Tvidi (Great Britain): For the experts involved in drawing up and audit of the reporting under the International standards, the last some years were the period of the highest activity. In 2006 we take the certain measures aimed at the help involved in MSFO to experts worldwide, at the same time, not selecting at of possibility to move ahead on a way to cancellation of necessity of adjustment of the reporting on MSFO in the reporting on GAAP the USA at quoting in the American share markets. Necessity for adjustment of the financial reporting should disappear by 2009. SMSFO has evaluated opinions of many interested parties and has come to conclusion about creation of a stable platform within 2009. However work on standards which will come into force after 2009, will proceed, and we welcome desire of those many experts which participate in creation and improvement of standards, to introduce still bolshy the contribution to our work [126].
Thus, it is a question of freezing of acceptance of essentially new standards up to 2009. Such experience already is present - in connection with transition of the quoted European companies on MSFO there was the stable platform which has terminated in 2006. Too many companies in the world bear unjustified expenses for satisfaction of requests constantly changed MSFO.
Let's consider prospects of convergence MSFO with GAAP the USA. Rapprochement with GAAP the USA in practice meant for the last few years "pulling up" old MSFO under requests of acting standards GAAP the USA, but not on the contrary. Such situation speaks, among other add financings SMSFO by structures of the USA. The European public is not ready to adopt constantly the American standards and consequently the publication of Projects of Positions, that is certain prototypes of the future standards identical both for system MSFO, and for system GAAP of the USA, has not received a wide circulation and has not found success. Such system was provided till 2006 by the agreement between SMSFO and FASB. At the moment idea of convergence of the American and international standards a little oslabla, and in sootvetst-vy with new agreement SMSFO and FASB Debatable documents which describe sights and judgements of Advices concerning certain plots of the financial reporting will be published henceforth, but yet do not represent the future standard.
Unfortunately, the Federal service on the financial markets of the Russian Federation, Treasury of the Russian Federation yet in a condition to render the essential
Influences on SMSFO. The given circumstance considerably limits possibilities of acceptance MSFO at legislative level in Russia.
Thus, in the different countries there are features of application MSFO. As the practice shows, many countries in the world choose various ways of transition on MSFO. In most cases the transition main objective on MSFO consists in approaching national practice of drawing up of the financial reporting to the international level and to supply economic stability. The countries face imperfection MSFO. In the course of transition there are problems both methodological, and technical, and inconsistency of an is standard-legal basis, and request distribution about transition on MSFO not only on the large companies. Shortage of the shots having technical skills of work with MSFO, absence of teaching materials under the comprehensible price and on national languages, technical complexity MSFO, and also frequent modification of existing standards are the basic barriers which constrain and impose features on transition process on MSFO.
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A source: Vladimirets Anastas Anatolevna. the THEORY And PRACTICE of CONVERGENCE of the ACCOUNT. 2008

More on topic 1.2. Features of application MSFO in the different countries:

  1. 2.3. Problems of application MSFO in Russia
  2. 2. Expansion of geography and sphere of application MSFO.
  3. 2.2. Research of consequences of transition on MSFO in various areas of state regulation
  4. 1.3. The basic tendencies of introduction MSFO
  5. Features of systems of social protection in the EU countries
  6. 4.2. Features of struggle with tax to crimes in the CIS countries and Baltic.
  7. 7.3 Law-makings and judicial application of civil-law norms of the legislation in the countries of religious-legal system
  8. 4.3. Features of a state policy in taxation sphere in economically developed foreign countries.
  10. the market of the corporate control in the countries of Asia: key characteristics and features of transaction