Subject. This article discusses the category of Accounting Estimates, which is important from the methodological and practical points of view, including the upcoming transition to Federal Accounting Standard 6/2020 (FAS 6/2020) – Property, Plant and Equipment. Objectives. The article aims to analyze the essence of the category of Accounting Estimates, including from the standpoint of the transformation of these estimates and their impact on the book value of fixed assets accounted for in accordance with FAS 6/2020. Methods. For the study, we used the methods of systems analysis and generalization. Results. Using some cases of transactions in fixed assets, the article shows that before the transition to FAS 6/2020, it is necessary to analyze which accounting estimates may get changed and how these changes will affect the dynamics of depreciation elements and financial statements indicators. Conclusions and Relevance. One of the reasons for the likelihood of practical difficulties associated with the justification and correct reflection of accounting estimates is the lack of knowledge of regulatory documents and international accounting practices. Therefore, it is advisable to prepare methodological recommendations on the reflection of changes in accounting estimates, given the upcoming transition to new accounting standards, and expand the practice of effective implementation of IFRS. The results of the study are intended for scientific and practical activities and training of specialists in the field of accounting, as well as the development of proposals for improving the Russian accounting methodology, focused on convergence with current international practice.
Subject. This article considers certain aspects of accounting for fixed assets, the implementation of which may cause certain difficulties in accounting. Objectives. The article aims to identify and analyze the ambiguous provisions of Federal Accounting Standards FSBU 6/2020 and FSBU 26/2020, which may cause practical difficulties at the stage of transition to the application of these standards, and find possible ways to solve the problems. Methods. For the study, we used a systems analysis and generalization of legislative and regulatory documents, and research literature on the study subject. Results. The article highlights the controversial issues in the field of fixed assets accounting caused by the conciseness or absence of separate regulations of FSBU 6/2020 and FSBU 26/2020, highlights the aspects of accounting that require the use of professional judgment, and formulates provisions that should be enshrined in internal accounting standards. Conclusions and Relevance. Effective development of new methodological approaches to the recognition and subsequent reflection of capital investments and fixed assets will require expanding the scope of use of professional judgment. To solve this problem, it is necessary to improve the competencies of domestic specialists in the field of IFRS and expand the experience of applying professional judgment. The results of the study can be used in scientific and practical activities, training specialists in the field of accounting, and for the development of proposals for improving the Russian accounting methodology, focused on convergence with modern international practice.
Subject. This article deals with the issues if it is reasonable to recognize such items as trademark, website and goodwill as intangible assets taking into consideration the transition to the procedure for accounting and financial statements preparation by organizations in Russia in accordance with the Federal Accounting Standard FSBU 14/2022 – Intangible Assets. Objectives. The article aims to analyze the complicated issues and specifics of the practical qualification of separate accounting items from the perspective of their compliance with the methodological provisions of the FSBU 14/2022 at the stage of transition to the application of the Standard. Methods. For the study, we used a systems analysis and generalization of legislative and regulatory documents, and professional literature. Results. The article finds that for the justified recognition of the items considered, including trademarks, websites and goodwill, it is necessary to analyze their compliance with the FSBU 14/2022 – Intangible Assets provisions, and in some cases, the accountant's professional judgment is necessary for the correct qualification of the listed items. Conclusions and Relevance. The variety and multiplicity of qualities of different types of intangible assets and economic benefits, as well as the emergence of new accounting items of an intangible nature, which require reasonable qualification in accounting, are among the reasons for the presence of identified problems. It is also necessary to take into account the fact that at present, not all Russian accountants have sufficient methodological training in terms of interpreting certain complex provisions of the FSBU 14/2022. The results of the study can be used in scientific and practical activities, for training specialists in the field of accounting and auditing, as well as for developing proposals for the correct transition to the FSBU 14/2022 provisions application.
Subject. January 1, 2020, there came into effect a new edition of Russian Accounting Standard (PBU) 18/02, Accounting for Deferred Taxes on Corporate Income, which introduced the balance sheet approach to assessing deferred taxes. Therefore, the Russian accountants have to revise the way they have been applying PBU 18/02, and adjust the previous deferred taxes respectively. Objectives. We analyze methodological issues of accruing deferred taxes in relation to accounting for fixed assets when recognizing, measuring, remeasuring and constructing contingent liabilities for repair and others, which were introduced by PBU 18/02 as transactions resulting in timing differences. Methods. The study employs the systems analysis and logic generalization of legislative and regulatory documents and special literature on the issues under study. Results. Illustrating fixed asset transactions, we find that it is necessary to master the balance sheet method of accruing deferred taxes, including the coming changes in some provisions of PBU 6/01, Accounting for Fixed Assets. Conclusions and Relevance. Poor knowledge of the balance sheet complicates, inter alia, the use of the balance sheet method to accrue deferred taxes. Thus, it is reasonable to make methodological recommendations on the use of the balance sheet method to assess deferred taxes in line with the coming amendments to the existing standards and expedite mastering IFRS. The findings are designated for research, practice and training of accountants and auditors, and make suggestions on the improvement of the national accounting methodology, which would pursue the convergence of the modern international practices.
Subject. As stipulated in Federal Accounting Standard 5/2019 – Inventories, which is to enter into effect in 2021 and apply to respective financial statements, inventories are now accounted for in a different way. Federal Accounting Standard 5/2019 introduces new clauses and provides for some requirements concerning the use of discounted estimates and recognition of impairment of inventories. Therefore, we study the clauses and display how they should be implemented. Objectives. We herein analyze clauses of Federal Accounting Standard 5/2019 – Inventories, which may be construed ambiguously. We also provide our suggestions on the reasonable use of novelties introduced by the standard. Methods. The study is based on the systems analysis and logic generalization of legislative and regulatory documents and special literature on the respective issues. Results. Our examples demonstrate how the acquisition of inventories should be recognized in case of the long-term deferral of payment and valuation of inventories upon their recognition. Conclusions and Relevance. The adoption of Federal Accounting Standard 5/2019 dictates for amending corporate accounting policies and preliminary work to revisit some aspects of inventories accounting. Hence, it is reasonable to give methodological clarifications on some complicated practical issues. The findings are intended for scientific and practical activities, training of experts in accounting and financial management. They also may help make suggestions on the improvement of the Russian accounting technique for the convergence with the contemporary international practice.
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