Methodological Aspects of the Accounting System in the Russian Federation and China

Abstract

In the modern world, numerous accounting systems operate in different countries. Accounting performs one of the most important functions — the management of the organization and is the basis of information support in general, as well as a means of communication at the international level. At the same time, there are many differences in the accounting systems of different countries, in the principles of their functioning and in regulatory control. The accounting systems of Russia and China are determined by the historical features of their development, are based on national traditions, and depend on the state of the economy. There is one feature in common between the Russian Federation and China, namely state regulation. China began to introduce market mechanisms into the economy earlier than Russia, and, accordingly, to develop accounting for the new accounting objects that appeared. Accounting in China is also determined by the ratio of public and private ownership organizations. The main share is comprised of private enterprises, including those with a large share of foreign capital, which leads to the tendency to apply IFRS. An important feature of accounting in the PRC is the ability to develop rules for accounting for individual transactions at the regional level and inform the Ministry of Finance of the PRC about this. Accounts in the Russian Federation are kept according to the same rules. Chinese private enterprises are free to choose the currency and the language of accounting, unlike Russian ones. Accounting is influenced by the specifics of taxation. The Trans-Baikal Territory borders with China, which leads to mutual investments. Knowledge of the specifics of regulatory control, similarities and differences in the principles of building accounting systems will contribute to the development of joint projects.