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Following the further deepening and development of the global economic integration and globalization， convergence of financial reporting becomes the focus of attention across countries. Especially， in those large developing or transition economies who want to attract more international investors to maintain the growth of economy. Based on the purpose of improving the quality and comparability of financial statement， convergence of financial reporting implies to adopt one set of accounting standards throughout the world （Patel， 2010， pp.331）， for instance， International Financial Reporting Standards （IFRS）. As for the advantages and disadvantages of convergence， the opinions diverge from individual to individual. However， this essay selects Russia as the subject to analyze that the advantages from convergence are greater than the disadvantages.
In traditional perspective， Russia was one of the major European powers in the Czarist era whose economy was developing along with the Western model. However， history made this country to choose a totally different way to develop itself. The Soviet Union and the Western World had been ideological opposites since the October Revolution， which also influenced the economic system. The centrally planned economics not only provided a platform for the high-speed development of economy in 1920s but also shifted the economic structure far away from the market oriented model.
Even through Russia had self-contained planned accounting model in Soviet system， Kim （2013， p.527） thought that the real modern era of Russia began in 1991， from then on， the centrally planned economics was transferred to market oriented model under the pressure of dissolution of the Soviet Union. The fall of Berlin wall is a sign of end of the Soviet Union， which also provides an opportunity to those formerly closed society to open to the world again （McGee， 2008， p.141）. The process of transforming the planned system to the market-oriented system is bound to be painful to Russia. The overall institutional environment in Russia is characterized by low investors protection， poor corporate governance， high levels of corruption， low levels of enforcement （Pistor
In traditional perspective， Russia was one of the major European powers in the Czarist era whose economy was developing along with the Western model. However， history made this country to choose a totally different way to develop itself. The Soviet Union and the Western World had been ideological opposites since the October Revolution， which also influenced the economic system. The centrally planned economics not only provided a platform for the high-speed development of economy in 1920s but also shifted the economic structure far away from the market oriented model.
Even through Russia had self-contained planned accounting model in Soviet system， Kim （2013， p.527） thought that the real modern era of Russia began in 1991， from then on， the centrally planned economics was transferred to market oriented model under the pressure of dissolution of the Soviet Union. The fall of Berlin wall is a sign of end of the Soviet Union， which also provides an opportunity to those formerly closed society to open to the world again （McGee， 2008， p.141）. The process of transforming the planned system to the market-oriented system is bound to be painful to Russia. The overall institutional environment in Russia is characterized by low investors protection， poor corporate governance， high levels of corruption， low levels of enforcement （Pistor