In Russia, the fundamental accounting assumption is that financial statements are reviewed so that they are a "true and fair view of financial position, performance, and changes in the financial position of a company".

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In Russia, the fundamental accounting assumption is based on the principle of prudence and conservatism, rather than the "true and fair view" principle, which is more commonly associated with International Financial Reporting Standards (IFRS) and Western accounting practices.

In Russia, the Fundamental Accounting Assumption Is That Financial Statements