The paper investigates the problem of doubtful debts allowance development for the purposes of receivables reflection in the accounting (financial) statements. Comparison of approaches to forming the allowance in compliance with the US, Russian and international accounting standards is fulfilled. It is proved that the allowance of doubtful debts formation should be based on the principle of accounting conservatism. In this case, it is advisable to use the method of accounts receivable aging based on the probability of payment coefficient. This coefficient represents the best assessment by the managers of the possible amount of the accounts left without repayment by the buyers judging from the past experience of relations with the debtors. The steps of forming an allowance are described in detail, basing on the certain procedures fulfillment.
This paper considered the practical application of international public sector accounting standards (IPSAS) in Russia. The authors analyzed consolidated financial statements of nine Russian universities participating in the 5-100 project. The results of work point out main problems in the application of IPSAS in Russian universities: reporting of net assets attributable to owners of the controlling entity; discloser of information about land and buildings owned by universities on the basis of operational management and free of charge use; qualification and recognition of revenue from non-exchange transactions; reporting of information on significant types of revenue. As a result of study, discrepancy between structure and content of financial reports preparing by Russian universities was identified. This results in impossibility of external users to obtain comparable information about the financial position and financial performance of universities. The paper comes out in support of idea that it is advisable to use unified approaches to the preparation of financial statements in order to ensure comparability both with other Russian universities and leading world universities. The authors developed the proposals on preparation of information about net assets of universities, recognition and assessment of assets, qualification and classification of revenues, disclosure of information in the financial reporting.
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