COMPARISON OF FINANCIAL STATRMENTS IN RUSSIA, CHINA, AND INDIA: REFLECTION OF INVENTORY
УДК 336.1:657.1
Abstract
Modern geo-economic transformations actualize the need for a deep understanding of the national characteristics of financial reporting in the context of expanding interstate cooperation between Russia, China and India. The study is aimed at identifying convergent trends and divergent characteristics in methodological approaches to the formation of accounting documents, which is of critical importance in the context of the intensification of trade and investment flows between these jurisdictions. The processes of the evolutionary development of the accounting systems of the three states are analyzed in the context of the global imperatives of standardization of financial reporting. Special attention is focused on mechanisms for adapting national regulatory norms to the requirements of international standards while preserving unique elements determined by historical traditions and institutional features of each economic system. The comparative study demonstrates both the processes of unification of reporting forms and persistent differences in conceptual approaches to the recognition, measurement and disclosure of business transactions. The results of the analysis can serve as a conceptual basis for developing practical recommendations for optimizing cross-country financial cooperation and increasing transparency of corporate information for international stakeholders. The revealed patterns make it possible to predict the directions of further development of national accounting systems in the context of globalization processes and regional economic integration. Special attention is paid to the analysis of methodological discrepancies in the reflection of inventories, which are a critical component of working capital in industrialized economies.
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References
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