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Understanding Russian Accounting Principles

Published: November 2010

In this issue of Russia Briefing, we compare Russian accounting standards with the U.S. Generally Accepted Accounting Principles (GAAP). We also examine how revenue is handled, how to structure a transformation from Russian accounting principles to U.S. GAAP, and the industry and business specific differences between the Russian and U.S. accounting systems. Finally, we cover the growing trade opportunities between China and Central Asia, focusing on the newly formed special economic zone in the Xinjiang border town of Yili.

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In this issue:  

  • Comparing Russian Accounting Standards with US GAAP
  • Trade Opportunities along Kazakhstan’s Border with China

In this issue of Russia Briefing, we compare Russian accounting standards with the U.S. Generally Accepted Accounting Principles (GAAP). We first look at some of the main differences between Russian accounting and GAAP, including the difference in documentation, timing, the chart of accounts, division of cost types, provisions and accruals, expense and revenue recognition, and multiple element sales. We also examine how revenue is handled, how to structure a transformation from Russian accounting principles to U.S. GAAP, and the industry and business specific differences between the Russian and U.S. accounting systems.

Finally, we report on the growing trade opportunities that exist between China and Central Asia, focusing on the newly formed special economic zone in the Xinjiang border town of Yili.

The content of this magazine was compiled by SCHNEIDER GROUP (RUSSIA CONSULTING) staff in Russia.

 

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