In addition to the U.S. and Russian governments, the European Union and World Bank are contributing to the IAS technical assistance effort, as is the London-based International Accounting Standards Committee. The IAS transition project is an excellent example of how the U.S. and Russia can work together with the international business community to create the necessary conditions for economic growth in Russia. IAS does not supposed to be used as accounitng regulation rules, but rather as a guidelines. Approach that accounting professionals use to adjust and subdivide statutory account balances to produce IAS financial statements. This approach is usually referred to as Transformation.
Transformation is a one-time exercise.
Approach that involves recording each transaction at the time of initial transaction recording with enough information to produce both Statutory and IAS financial statements. This approach is usually referred to as dual accounting. The success or failure of the transition from your old accounting system to your new one depends on making a series of correct critical decisions. Numerous other non-critical decisions will help to make the transition a smooth one. Suspicious of employees intentions, he wouldn't let go of the reins for even the tiniest detail.