The Financial Statements of BRIC Countries

Abstract

The financial statements of BRIC countries.
The aim of this paper is to investigate the accounting
systems used in those countries that today are driving the
growth of the world economy, the so-called "BRIC"
(Brazil, Russia, India and China), and to verify whether
and to what extent the current global process of
convergence of the different accounting systems with the
International accounting Standards would also involve
these countries. After an early introduction, an analysis is
reported on the accounting practices adopted by each of
the four countries and on the similarities and differences
with IFRS. As you can read from the article, the BRIC
countries are an active part of the process of convergence
to IAS, however there are still many differences between
the accounting practices used by individual countries and
the international ones, due both to the specific economic
conditions of developing countries and their peculiarities,
and to a certain "resistance" to a full adoption of the
model of international accounting standards. At the end
of the article there is a table which highlights the distance
between the accounting systems adopted in the BRIC
countries with International Accounting Standards by
comparing the financial statements of some companies
prepared in accordance with both the two types of
accounting standards.