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.