Accounting in Russia Essay Example | Topics and Well Written Essays - 1750 words

Accounting in Russia - Essay Example sitated a movement away from the earlier era of accounting standards that were in tune with the centrally planned economy of the USSR but were outdated with the introduction of capitalism. This paper discusses the history of accounting in Russia and the recent developments in formulating accounting standards and governance. Due to the large number of corporate scandals that rocked Russia in the first few years of the 21st century, the Russian government has hastened the move to accounting regulation and corporate governance. Russia matters to the global economy. As a country with significant proven and unproven natural resources, mainly oil among them, it is one of the world’s leading suppliers of oil and commodities. With the spike in Oil prices in the latter parts of 2007 and continuing into 2008, the geo-strategic importance of Russia increased dramatically with the result that the world was dependant on the supply of Russian oil and gas. With regards to the supply of gas to Western Europe, Russia flexed its muscles and ensured that the terms set by it were followed at all times. In some instances, it even threatened to cut off the supply of gas to Europe as a retaliatory measure. Thus, Russia is in a position to dictate terms to the West. It has to be qualified that this is a recent development given the state of affairs in the 1990’s and the first few years of this decade as the West had the upper hand in its dealings with Russia. Further, Russia is an attractive destination for foreign capital and as a captive market among the emerging economies that go by the acronym BRIC (Brazil, Russia, India and China). It is in the interest of the western multinational corporations to have Russia adopt an integrated accounting system in line with their expectations. And the sense of nationalism that characterizes the Russian attitude towards the west has resulted in its own set of priorities for both sides. It is in this context that the move towards

Future of Strategic Management Accounting Coursework - 1

Future of Strategic Management Accounting - Coursework Example In order to come to the discussion whether management accounting’s future lies in strategic management, it is necessary to start from the base of it. Management accounting has its features in contrast to financial accounting and it would be wrong to compare the two. Management accounting is designed to be used by managers and not by other stakeholders of an organisation. Unlike financial accounting, management accounting is confidential to an organisation and is not reported as public information. And above all the most important distinction between the two is the technique used. The computing techniques are on the basis of the needs of the organization and it hardly follows the general accounting standards. In recent times there has been a shift in the practice of management accounting as it extends its scope towards certain other areas like the strategic management, performance management and risk management. The discussion in this research paper will be confined to the role of strategic management in management accounting. The purpose of strategic management is to play an advancing role to the concept of traditional management accounting. But there have been some criticisms also regarding changes in the implementation of management accounting. The main aim of the research paper is to critically evaluate the controversies and arrive at a distinct conclusion regarding the best practice. Management accounting systems in the past years, before the innovations in information technology, have seen many problems in its applications in organisations.