Another point that could be made about Russia’s adoption of international standards is the even the standards that have been adopted may not always be international standards. For example, the Russian standard on income taxes is based on the old version of the IAS income tax standard, not the new one. The fact is known within much of the Russian accounting community but may not be as well known outside of Russia. Another, less well known fact about Russia’s accounting standards is that the Russian version of the standards that have been adopted are not mere translations of the English language originals. In many cases they are abbreviated, simplified versions of the original English language IAS. RAS tend to be much shorter, more detailed and conceptual. They cover a fraction of the content of IAS. In short, it may not be accurate to state that Russia has adopted IFRS. It would be more descriptive to say that Russian accounting standards are merely based on IFRS. Often the differences between RAS and IFRS are not large or important. However, the difference may be substantial, such as in the area of accruals principles.