accounting, legal regulatory framework, financial reporting, BRICS The emerging BRICS economies (Brazil, Russia, India, China, South Africa) are an important economic bloc for the global economy. Abundance of natural resources, cheap labor, permissive legislation are determining factors in attracting foreign direct investment flows. The growing number of multinationals and the growing desire of investors in developed countries to invest in the BRICS countries raise the issue of creating a legal framework for regulating financial reporting in line with international standards. The economic evolution of a nation is closely correlated with the customs, accounting and tax regulations, characteristics, nuances, values, practices, customs that have developed since the advent of the state. Without a preliminary analysis of these determinants, the task of understanding the accounting systems of the BRICS countries would be a difficult one to accomplish. The purpose of this article is to examine the accounting regulatory framework in the emerging BRICS economies, presenting the main regulatory acts governing accounting in the BRICS countries.