CONVERSION OF THE BANK OF RUSSIA’S ACCOUNTING SERVICE

Abstract

The current extensive process of conversion of the Bank of Russia’s accounting service (which is the largest in the bank) is done by centralizing accounting functions to shared cervices centers. The adopted approaches and speeding up the dates of the reorganization measures will lead to the drastic increase of risks in the bank that cannot be regarded as an internal affair of the Bank of Russia, considering the importance of the functions carried out for the country as a whole.The article refers to the process of reforming of the accounting department of the Bank of Russia, including the dynamics of the plans for its transformation. The conclusions are based on non-obviousness of the economic feasibility of the approaches for the reorganization of the accounting department and the necessity of establishing an effective public control over its activities.

Keywords

• bank of russia
• shared services center
• accounting service
• centralizing accounting functions
• effective public control