Accounting | INTERNATIONAL FINANCIAL REPORTING STANDARDS | The Russian Accounting Principles (RAP) versus the International Financial Reporting Standards (IFRS)

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Description

Different countries all over the world have different accounting standards that they use for accounting and financial reporting. There are also the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), which govern and regulate how individual countries formulate their accounting systems. The aim of the International Accounting Standards Board (IASB) is to have all countries harmonize their accounting standards in-line with International Financial Reporting Standards (IFRS). This essay discusses the nature of the accounting system used in Russia, how it differs with IFRS, and major issues of the differences with global stakeholders and the evaluation of the possibility of any issues arising in regard to achieving full convergence.