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ABSTRACT The authors analyze the trends in the application of IFRS in Russia in the post-Soviet period between 1991 and 2021. The research relies on Russian regulatory legal acts, scientific and professional publications, and the data describing the development of accounting practices in Russia. The study reviews the scale of proactive adoption of IFRS by Russian companies in the 1990s and 2000s. It also evaluates the legal support of the transition to IFRS in Russia, including the legal requirement of IFRS filing for the consolidated financial statements of Russian companies. The article reviews the Russian accounting standards in terms of their compliance with the IFRS. The authors analyze the adoption of IFRS by the public sector as well as by small and medium-size enterprises. The transition to IFRS was a natural response to the key macroeconomic processes that have changed Russia over the past 30 years of its post-Soviet reality. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M40; M41; M48.
Generalova et al. (Tue,) studied this question.