Accounting Reform in Transition and Developing Economies by Robert W. McGee

By Robert W. McGee

The editor has assembled a stellar staff of specialists to write down approximately their parts of workmanship. subject matters comprise accounting reform in Russia, Ukraine, Estonia, Armenia, Serbia, China and Spain; accounting schooling in different transition economies; improvement of the accounting career in different transition economies; company governance concerns in transition economies and an outline of accounting reform initiatives by means of an individual who has been enthusiastic about accounting reform in a dozen international locations. This publication appeals to a large section of the tutorial industry. it is going to entice accounting and finance professors and scholars as the major subject of the booklet offers with accounting and monetary process reform. it is going to entice economists within the subfields of transition economics and improvement economics since it addresses present matters of their box. it is going to additionally attract students within the box of Russian & East eu reviews and Asian reviews as the booklet is set numerous East ecu and Asian nations. coverage analysts and experts who care for accounting, finance, transition economics or jap Europe or Asia also will locate this booklet to be a useful reference and resource of present details.

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The conversion team and audit firms provided enterprises with written guidelines from the accounting standards to help them make the necessary changes. The audit firms and conversion teams also assisted with making the necessary correcting entries so that the enterprises could properly apply the new Chart of Accounts. Now that the conversion process is well underway, many Bosnian enterprises will be able to issue financial statements that have more credibility in international capital markets. FBiH now has several audit firms that are sufficiently trained to perform audits that meet international standards and expectations.

By the time these visits were completed, a certain pattern began to emerge. It was found that companies tended to have the same difficulties, so future visits could be structured to anticipate these difficulties. The two main difficulties they tended to have were how to allocate costs and how to get volume up to the break-even point. Participants did not have much of a problem understanding how to compute a breakeven point. The problem was that their companies were operating below that point. They wanted to know how to expand sales and tap into new markets so that they could achieve profitability.

There was a tendency to include extraordinary items with other items of income and expense. More than half of the enterprises did not have any leases. Of those that did, there was a tendency not to recognize financing leases because of a lack of understanding of the present value of money concept. Accountants did not know how to calculate the value of a financing lease, which is understandable, since the accounting materials they had in their university program did not include this topic. The treatment of borrowing costs was also a problem, since accountants were not familiar with the concept.

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