The IFRS Adoption by BRICS Countries: A Comparative Analysis

This article presents the modern trends of IFRS adoption by some of BRICS countries: Russia, India, and Brazil. The paper is focused on the difficult convergence process and modern trends of accounting development of these countries. At modern stage, each of these countries is in a position of adaption of IFRS in accounting practices. This process is a consequence of the users' demand of high-quality financial statements comparable across all entities. It is observing the changes in all areas of economic activities, as a result of the world globalization process. However, it should be noted that the conceptual basis of IFRS and the accounting methodology are fundamentally different from Russian, Brazilian and Indian systems of accounting and financial reporting. The article introduces recommendations and measures, how to improve the convergence of financial reporting of these three BRICS countries with IFRS.