IMPLEMENTATION PROBLEMS WITH THE SYSTEM OF INTERNATIONAL STANDARDS OF FINANCIAL ACCOUNTABILITY IN RUSSIA

Abstract

Purpose. Analysis of standardizing and accounting norms and rules unification in an international scale. Globalization, internationalization of economic, financial, political, and public relations gradually brought to the development of the world market, emergency of transnational companies, attraction of foreign investments and loans to national economies. All those processes stipulate the necessity of financial information that is common both in perception and in understanding. Financial accounting and financial accountability are one of the main and reliable sources of financial data. Results and scientific novelty. The most essential task is development and adequate application of accounting rules and accountability in certain countries according to international standards of financial accountability (hereafter MSFO). Solution of that task will allow providing investors with qualitative, transparent and consistent information about companies to render assistance to participants of the world capital markets and other users of information in making economic decisions.