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Abstract

The relationship that exists between industry and higher education in the Western economies is being mirrored in the transforming economies of the former Soviet Union. This paper reports on a recent investigation into the professional and academic fields of finance and accounting and in particular into the work by British and Russian university peers. There are, however, general observations which would be applicable across all fields of expertise. The case is set within the context of a UK government ‘Know How Fund’ project. The authors argue that peer education has a significant role to play in providing a mechanism for knowledge transfer, both professional and academic. They further argue that this knowledge transfer is crucial to enterprise development within a developing market economy.

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Here the term finance will be used with reference to aspects of debt, equity, capital structure and sources of finance.

At the St Petersburg Institute of Commerce and Economics students who enrolled on a 5-year programme of study (10 semesters of 16 weeks duration) had to pass examinations in some 50 specialist areas of which 11 were accounting or finance based.

Struthers

Wylie

Young

, ‘Academic support for enterprise in the former Soviet Union: a case study’, Industry and Higher Education, Vol 8, No 3, September 1994, pp 174–182.

The main objective of the Know-How Fund is to help the countries of Central and Eastern Europe, the Baltic States and the former Soviet Union to move towards democracy and a free market economy, by providing advice and expertise. In April 1993, bilateral grant aid for Russia was doubled from £60 million to £120 million. The main priorities for the Know-How Fund in Russia have been accounting, banking privatizations, small business creation and energy. These have been identified as the key factors vital to the success of the transition to a market economy and the establishment of a framework of democratic institutions. For a more detailed analysis of the Paisley—Yaroslavl link, see Struthers, op cit, Ref 3; Morrison

A.D.

Struthers

, Peer education via the government Know-How Fund: a case study of Yaroslavl State Technical University, Russia’, Issues, Vol 2, No 2, January 1995, pp 1–3; and Struthers

Wylie

Young

, ‘Networks and new enterprise development in Russia: a case study of the Yaroslavl region’, in Danson

, ed, New Firm Formation and Regional Economic Development, Routledge, London, forthcoming.

Two Know-How Fund contracts have also been awarded over the same period to the University's Department of Chemistry and Chemical Engineering in the energy sector, again in collaboration with Yaroslavl State Technical University.

See Morrison

Abrosimova

, ‘Accounting evolution in Russia’, Management Accounting, Vol 71, No 11, December 1993, pp 18–19.

See Kemp

, ‘Promoting better accountancy in Central and Eastern Europe’, Management Accounting, Vol 72, No 10, November 1994, pp 48–49.

Struthers, Op cit, Ref 3.

British—Russian Peer Education in Finance and Accounting

Abstract

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