Key people in state-run economies complain that financial statements are meaningless, because incentives for proper reporting have been missing. A top Soviet official told me that what motivated people was to save their jobs. That meant reporting favorable results regardless of the facts. Without effective auditing, there has been no reason to stop reporting what the bosses want to see. In change from a centrally-planned to a market economy, the controlled prices of the past make it difficult to assess the impact of any firm in a free market.
Privatization is the byword.
It is not easy. Without effective accounting, governments are confronted with a dilemma. There are tradeoffs in getting standardized financial information on each entity to be privatized. 10 or 20 or 50 years from now. Be that as it may, there are many professionals in the region helping to bring their financial information into a language free-market investors can understand.