Another structural problem with Russian accounting is the Russian mindset. Under the old centrally planned system, accountants were really bookkeepers. They didn’t have to make decisions. Their job was just to make journal entries. There was no such thing as exercising professional judgment. Where decision had to be made, their solution was to look for some rule that told them what to do. The new rules, whether IFRS or GAAP, require the exercise of professional judgment and many Russian accountants do not feel comfortable making decisions on their own. They would prefer to find some rule in a book that instructs them on how to do everything and they resist adopting the new rules. This structural bump in the road to the adoption and implementation of market based accounting rules will be worn down with time, but it will take perhaps a generation or more before Russian accountants think the same way as Western accountants in regard to this approach to decision making.