Authors : Liliya A. Zimakova, Svetlana N. Tsiguleva, Svetlana P. Mashirova, Viktoria V. Chirkova and Oleg N. Polukhin
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.
Liliya A. Zimakova, Svetlana N. Tsiguleva, Svetlana P. Mashirova, Viktoria V. Chirkova and Oleg N. Polukhin, 2015. Conceptual Framework for Creation of International Financial Accounting Models. International Business Management, 9: 1604-1608.