The Effects and Implications of Kazakhstan's Adoption of International Financial Reporting Standards

Despite having an underdeveloped supporting infrastructure and limited resources, Kazakhstan was the first CIS country to require IFRS in 2004 for banks, and in 2005 for all public companies. What were the economic consequences of this important reform? In the 1990s, Kazakhstan’s capital market reforms mirrored those of Russia due to the two countries’ cooperating mode driven by a high level of ...