Accounting financial accounting. International and Russian financial (accounting) reporting standards (the most important)

Lecture notes, cheat sheets
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Accounting financial accounting. International and Russian financial (accounting) reporting standards (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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4. INTERNATIONAL AND RUSSIAN STANDARDS OF FINANCIAL (ACCOUNTING) REPORTING

Experts in the field of accounting and auditing hold different opinions about the use of international standards in accounting in Russia. Conventionally, they can be divided into three directions:

1) to recommend full use of international accounting standards;

2) abandon the use of international standards altogether and develop only their own national - Russian ones;

3) develop Russian standards by adapting international standards to national accounting requirements.

The International Accounting Standards Committee (IFRS), which is an independent body of the private sector, is responsible for the unification of accounting principles abroad. The Committee was founded in 1973 by leading professional accounting organizations in Australia, Canada, France, Germany, Japan, Mexico, Holland, Great Britain, Ireland and the USA. Since 1983, all accounting organizations that are members of the International Federation of Accountants (IFAC) have become members of the IASB. Currently, other organizations that are not members of the IFRS but apply International Financial Reporting Standards are also involved in the work of the IASB.

The IASB is headquartered in London and is headed by a Secretary General. In 1995, the Supreme International Advisory Council was established at the headquarters of the Committee, which included prominent figures in high positions in accounting, business, and other users of financial reports. The Board's role is to ensure the adoption of international accounting standards and to enhance the credibility of the work of the IASB. The income part of the Committee's budget is formed from the contributions of organizations, major audit companies and transnational corporations, as well as proceeds from the sale of publications and developments of the Committee. As of January 1, 2007, there are 41 international financial reporting standards in force.

International Financial Reporting Standards is a set of rules, methods, terms and accounting procedures developed by highly professional international organizations and of a recommendatory nature.

The Interdepartmental Government Commission for the Reform of Accounting and Financial Reporting, in pursuance of the Accounting Reform Program in Russia, in accordance with international financial reporting standards, has prepared a number of national standards, some of which have been published in the form of Regulations.

Currently, Russia has adopted 20 Accounting Regulations (APS), some of which comply with the requirements of international financial reporting standards.

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