United States accounting standards
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Compare the United States accounting standards and those of Russia. Also, include description regarding significance of the finding.
Differences are frequently found in the following areas:
-Research and development
-Goodwill
-Consolidations
-Capitalized Interest
-Asset Valuation
-Leases
-Inflation accounting
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Accounting standards: U.S. vs. Russia
Compare the United States accounting standards and those of Russia. Also, include description regarding significance of the finding.
Differences are frequently found in the following areas:
-Research and development
The R&D in Russian accounting can be amortized over expected lives but the period unlike U.S. GAAP cannot exceed five years.
-Goodwill
The goodwill in Russia is amortized at 20 years or the life of the acquirer, whichever is less. There is no impairment test that is applied to goodwill.
-Consolidations
Unlike the US GAAP, the Russian accounting principles do not require the preparation of consolidated accounts. In consolidation, in Russia only legal power to control is recognized, not majority ownership or potential voting rights.
-Capitalized Interest
Property, Plant and Equipment is recognized at cost and the cost includes certain interest costs. These costs are different from those under the U.S. GAAP. Interest is usually expensed; however, interest related to qualifying assets ...
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