This article examines the rapid changes to Soviet accounting practice during World War II. The adaptation of the pre-war accounting system was required to meet the extraordinary demands of a conflict that saw as much as 40 percent of the national population under German occupation. Many large production facilities were rapidly relocated out of the war zone to the Urals, Central Asia, and the Far East. Soviet wartime accounting was focused only on contributing to victory. Sometimes this meant establishing extremely simplified allocation procedures; sometimes this meant creating new accounts for enterprise assets temporarily under enemy control, and sometimes this meant extensive and thorough procedures to safeguard economic resources and military property. For scholars the war provided an example of how accounting can rapidly evolve to meet changing national priorities.

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<p class="MsoBodyText3" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This research investigates the comparative impact of country specific degree of IFRS implementation upon the accuracy and bias of West European and East European firms equity securities analysts earnings forecasts for 29 European countries 12 of which are characterized as being East European.<span style="mso-spacerun: yes;">&nbsp; </span>We utilize measures of equity securities analysts earnings forecast accuracy and bias in making comparisons of the impact of country specific degree of IFRS implementation upon the statistical properties of earnings forecasts for firms having domiciles in East European and West European countries.<span style="mso-spacerun: yes;">&nbsp; </span>Our results indicate that (1) analysts earnings forecast accuracy and earning forecast bias decreases in the sense that their association with magnitudes earnings changes decreases in relation with country specific degree of implementation of IFRS and (2) the degree of reduction in analysts earnings forecast accuracy and bias is statistically more pronounced for East European firms than for West European Firms.<span style="mso-spacerun: yes;">&nbsp; </span>Our results persist after controlling for cross-listing of ADRs on US securities exchanges.<span style="mso-spacerun: yes;">&nbsp;&nbsp; </span>Bases upon this evidence we conclude that the benefits of implementation of IFRS is marginally greater for East European firms that for West European firms.</span></span></p>

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