International Business Management
ISSN: OnlineISSN: Print 1993-5250
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Abstract
Business globalization results in creation of common business space which successful operation depends to a great extent on awareness of its participants. Accounting plays an important role in this process. The purpose of this study is to reveal a conceptual framework for creation of international financial accounting models under current conditions. A comparative analysis of financial accounting systems was preliminary conducted and priority areas of their development were determined. On this basis, the following principles that underlie international accounting models were determined: traditional, internal and specific. Some accounting items were described. Two major approaches were distinguished with regard to accounting system organization: integration and disintegration. Methodological and managerial aspects of the distinguished systems were considered. The means of control were determined. Creation of a conceptual framework for international financial accounting models is aimed at harmonization of accounting information and financial statements as a basis for competent business management.
How to cite this article:
Liliya A. Zimakova, Svetlana N. Tsiguleva, Svetlana P. Mashirova, Viktoria V. Chirkova and Oleg N. Polukhin. Conceptual Framework for Creation of International Financial Accounting Models.
DOI: https://doi.org/10.36478/ibm.2015.1604.1608
URL: https://www.makhillpublications.co/view-article/1993-5250/ibm.2015.1604.1608