scholarly journals Special issues of IFRS application in Russian organizations

2020 ◽  
Vol 164 ◽  
pp. 09029
Author(s):  
Tatiana Melekhina ◽  
Elena Sedova ◽  
Irina Karpova
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Standards ◽  
Financial Reporting Standards ◽  
Russian Economy ◽  
Operating Leases ◽  
The Right ◽  
Double Entry ◽  
Lease Accounting ◽  
Coefficient Method

In modern conditions, Russian accounting is increasingly oriented to international standards. Accounting for leasing relations is also subject to changes that are associated with the transition of Russian accounting to international financial reporting standards (IFRS). In 2016, a new standard was approved for accounting for leases in public sector organizations - the SPS “Leases” (entered into force on January 1, 2018). For other organizations, on October 16, 2018, FAS 25 “Lease accounting” was approved. This standard introduces the type of asset - the right to lease, which represents a new format for accounting methodological documents. The purpose of the study is to consider the features of the application of FAS 25 “Lease accounting” based on the new IFRS 16 “Leases” in accounting for operating leases of Russian organizations. The authors consider the lease relations of economic entities of the Russian economy using the example of pharmacy organizations, in particular, the main aspects of FAS 25, the procedure for accounting for operating leases from the perspective of a lessee and lessor, features of accounting for sublease, leaseback, lease on special terms, as well as disclosure of lease information in accounting (financial) statements. The methodological basis of the study consisted of elements of the accounting method (system of accounts, double entry book-keeping, reporting) and tools of economic analysis (method of comparison, absolute and relative values, tabular and graphical representations of data, coefficient method). As a result of the study, an operating lease accounting mechanism was proposed, which reflects the specifics of pharmacy organizations.

IFRS IMPLEMENTATION AS ONE OF THE FACTORS FOR IMPROVING THE INVESTMENT CLIMATE IN UKRAINE

2017 ◽  
Author(s):  
Kateryna Sova ◽  
◽  
Natalia Yatsenko ◽  
Denys Zagirniak ◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Direct Investment ◽  
Financial Statements ◽  
International Standards ◽  
Investment Climate ◽  
The European Union ◽  
Economic Activities ◽  
Financial Reporting Standards ◽  
Almost All ◽  
The Impact

The article is devoted to the study of the impact of the introduction of International Financial Reporting Standards (IFRS) on changes in the investment climate in Ukraine. The relevance of the topic is that improving the practice of applying IFRS as a tool for exchanging financial information is one of the key conditions for improving the investment climate in Ukraine. The authors have created the generalized scheme that illustrates the chronological list of enterprises that are required by law to prepare financial statements in accordance with IFRS. It was noted that in 2018, in accordance with Part 2 of Article 12 of the law on accounting and financial reporting in Ukraine and resolution of the Cabinet of Ministers of Ukraine No. 547 from 11.07.2018, the criteria of enterprises that are required to prepare financial statements in accordance with IFRS were updated. This step significantly increased the level of application of international standards due to the adoption of such a decision at the legislative level. The dynamics of the number of IFRS enterprises in Ukraine was analyzed. The analysis showed that over the past three years, the number of almost all enterprises that must apply international standards has been growing. The advantages of using IFRS for different users of financial statements were determined. It was determined that the priority users of IFRS financial statements are investors. At the same time, it was noted that the main advantage for other users of financial statements prepared in accordance with international standards is the improvement of the investment climate. The dynamics of the Investment Attractiveness Index of Ukraine based on the Likert scale in the period from 2016 to 2020 was analyzed. The direct investment receipts to Ukraine from the European Union countries were studied. The dynamics of direct investment in the Ukrainian economy was analyzed for two types of economic activities that should form financial statements in accordance with IFRS, namely, the extractive industry and quarrying, as well as financial and insurance activities.

Do globalisation and adoption of IFRS by banks in Africa lead to less earnings management?

2019 ◽  
Vol 17 (2) ◽  
pp. 222-248 ◽  
Author(s):  
Mohammed Amidu ◽  
Haruna Issahaku
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Information Quality ◽  
Accounting Information ◽  
Financial Statements ◽  
International Standards ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Accounting Information Quality ◽  
National Economies

Purpose This paper aims to analyse the implications of globalisation and the adoption of international standards (International Financial Reporting Standards [IFRS]) for accounting information quality. Design/methodology/approach This paper uses a sample of 329 banks across 29 countries leading up to and beyond the implementation of IFRS to test for related hypotheses. Findings First, banks’ financial statements are prepared on the basis of international standards as national economies are integrated when social norms are diffused. Building on these results, the second test suggests that the relatively high-quality earnings among banks in Africa during the period is attributable to the adoption of and interaction of IFRS with globalisation and the strategy of banks to diversify within and across interest and non-interest income. Originality/value The authors investigate how globalisation and the adoption of IFRS affect accounting information quality.

scholarly journals The Determinants of Audit Expectation Gap: An Empirical Study from Kingdom of Bahrain

2018 ◽  
Vol 7 (3) ◽  
pp. 54 ◽  
Author(s):  
Sayed Ali Ahmed Alawi ◽  
Rami Mohammad Abu Wadi ◽  
Gagan Kukreja
Keyword(s):  
Financial Reporting ◽  
Quantitative Research ◽  
Financial Statements ◽  
International Standards ◽  
Kingdom Of Saudi Arabia ◽  
The Public ◽  
Financial Reporting Standards ◽  
Expectation Gap ◽  
Audit Firms ◽  
National Bank

The research aims at identifying the determinants of audit expectation gap between the auditors and the users of financial statements in the Kingdom of Bahrain. This issue is noticed in many frauds or errors or illegal matters by the general public after every scam whether Enron and WorldCom from United States or Satyam and Punjab National Bank from India or Tesco and BHS from United Kingdom or Mobily from Kingdom of Saudi Arabia. As per International Standards on Auditing (ISAs), auditors are not responsible to detect each and every fraud or error or illegal act as it is the responsibility of management. However, auditors are expected to assess the possibility of an error or fraud to occur and assess risks of material misstatement due to error or fraud and they are supposed to express their independent and objective opinion on financial statements whether financial statements are prepared in accordance to suitable criteria (International Financial Reporting Standards in the case of Bahrain).This quantitative research and its descriptive design aims empirically to analyze determinants that may impact the audit expectation gap in the Kingdom of Bahrain. The study used a detailed questionnaire as a measuring instrument across the sample group to measure 4 determinants that are expected to have a significant impact on the level of the audit expectation gap. Those determinants are the efforts of auditors, the skills of auditors, the knowledge of the public about the audit profession and the users’ needs from auditors. The research inferred that identified factors found to have a significant impact on the level of audit expectation gap. It is recommended that audit firms should provide training to the audit staff that how to utilize the required efforts in conducting an audit engagement and go extra miles to fill the gap. Furthermore, the auditors should keep themselves updated about the latest frauds and the best audit practices. 

scholarly journals MAIN ASPECTS OF THE ORGANIZATION OF ACCOUNTING AND ANALYTICAL SUPPORT AND COST MANAGEMENT OF THE ENTERPRISE

2021 ◽  
Author(s):  
Antonina Kosiak ◽  
Olena Lytovchenko
Keyword(s):  
Financial Reporting ◽  
Cost Management ◽  
International Standards ◽  
Production Costs ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Support Organization ◽  
The Right

One of the most important indicators of production and economic activity of enterprises, which has a direct impact on financial performance is costs. The article defines the economic meaning of the concept of "costs", "production costs". Features of accounting and analytical support, organization of accounting and cost management, cost classification are considered. Classification is one of the methods of cognition and study of phenomena, processes, objects, which consists in their division into classes on the basis of certain features, properties and patterns of relations between them. The classification of costs helps to assess the costs incurred, to find possible features to increase cost efficiency and make the right decisions about their management. Classification of costs is the basis of their accounting, analysis and planning in the enterprise. Cost management takes into account such components as rationing, planning, cost accounting, deviation control and cost analysis, cost management and decision making. The problem of cost management is quite relevant for Ukrainian enterprises. Today, all businesses face the problem of applying International Financial Reporting Standards. The peculiarities of cost reflection according to International Financial Reporting Standards and National Accounting Standards (standards) are studied and analyzed. Achieving a high or sufficient level of each of the production or management processes of financial activities of economic entities must be accompanied by certain costs, the economic content of which will vary depending on the object. However, the owners (managers) of the enterprise or its individual structural unit must be clearly aware of what exactly the costs contribute to the creation and maintenance of the organization and their timely optimization. The Conceptual Basis of Preparation and Submission of Financial Statements means true presentation, prevalence of substance over form, prudence, completeness. These requirements formed the basis for the formation of accounting principles in International Standards and, accordingly, in Ukraine.

scholarly journals TAX RISKS IN THE OIL AND GAS SECTOR OF THE RUSSIAN ECONOMY 

2019 ◽  
Author(s):  
А.Х. Цакаев ◽  
А.Р. Батукаева
Keyword(s):  
Financial Reporting ◽  
Oil And Gas ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Consolidated Financial Statements ◽  
Financial Reporting Standards ◽  
Russian Economy ◽  
Oil And Gas Companies ◽  
Oil And Gas Sector

Представлены результаты оценки налогового риска ПАО НК Роснефть , ПАО Газпром и ПАО ЛУКОЙЛ согласно общедоступным критериям самостоятельной оценки рисков для налогоплательщиков Концепции планирования выездных налоговых проверок, исходя из данных консолидированной финансовой отчетности, подготовленной в соответствии с международными стандартами финансовой отчетности, позволившие сделать вывод о предложении по преобразованию данной Концепции под международные стандарты финансовой отчетности. Сформулированы предложения по обеспечению снижения уровня налоговых рисков в деятельности российских нефтегазовых компаний Results of assessment of tax risk of PJSC Rosneft, PJSC Gazprom and PJSC Lukoil according to public criteria of independent risk assessment for taxpayers of the Concept of planning of exit tax audits, proceeding from data of the consolidated financial statements prepared according to International Financial Reporting Standards, allowed to draw a conclusion on the offer on transformation of this Concept under International Financial Reporting Standards are presented. Offers on ensuring decrease in level of tax risks in activity of the Russian oil and gas companies are formulated.

Convergence Problems of the Cash Flows Statement Preparation Methods Under the Russian and International Financial Reporting Standards

Auditor ◽  
2018 ◽  
Vol 4 (6) ◽  
pp. 51-55
Author(s):  
Ольга Калачева ◽  
Olga Kalacheva ◽  
С. Смелова ◽  
S. Smelova
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Cash Flows ◽  
Economic Life ◽  
International Standards ◽  
Preparation Methods ◽  
World Community ◽  
Financial Reporting Standards ◽  
The Russian Federation ◽  
Convergence Problems

The problem of convergence of the disclosure order in accounting (financial) reporting of information on cash flows by Russian and international standards is disclosed in the article. The authors emphasize that the integration of the Russian Federation into the world community requires from Russian organizations the provision of fi nancial statements according IFRS. However, most Russian companies are legally required to provide both IFRS fi nancial statements and RAS financial statements. In this regard, the Cash Flow Statement, as one of the obligatory statement of companies, is represented in this article as a tool for eff ectively assessing the organization’s ability to attract and use cash in the economic life.

scholarly journals Auditing Concepts and Stakeholders’ Expectations

2020 ◽  
Vol 4 (2) ◽  
pp. 46-60
Author(s):  
Sunday A. Owolabi ◽  
Michael O. Oladiran Ajala
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Standards ◽  
Financial Accounting ◽  
Financial Statement ◽  
Research Approach ◽  
Exploratory Research ◽  
Contemporary Debate ◽  
Mixed Feelings ◽  
The Right

The mixed reactions occasioned by disappointing top-level financial reporting failures has not dampened the unsettling loss of confidence of key players and other financial statement users on the relevance of audit and financial statements in making the right investment decisions. There is a contemporary debate trying to resolve mixed feelings and misplaced perceptions of auditing concepts in filing widened expectation gaps of auditor’s expression of opinion. Contributing to the argument involves a detailed review of auditing concepts and broadening the understanding and educating the stakeholders on the essence of auditing. In this consideration, the study employed an exploratory research approach, reviewed related materials, journals, and periodicals in the field of auditing and financial accounting. The outcome of the review showed that Auditing concepts are specific and inclusive. Auditors are guided by these concepts and standards set out by the international standards on auditing. While these concepts are valid, there are divergences and misconceptions of what stakeholders expect from the audited financial statements. The study recommended that stakeholders require audit education and understand the essence of auditors’ reporting dilemma of regulated auditing guidelines or go beyond the auditing standards to please the stakeholders’ expectations.

scholarly journals La hibridación de modelos para la medición de activos según las normas internacionales de información financiera (NIIF). (Hybridization of valuation models in measuring assets under International Financial Reporting Standards (IFRS).)

2016 ◽  
Vol 10 (2) ◽  
pp. 29 ◽  
Author(s):  
Eduardo Sosa Mora
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Standards ◽  
Balance Sheets ◽  
Financial Reporting Standards ◽  
Epistemological Foundation ◽  
Measurement Models ◽  
Accounting Measurement ◽  
Economic Reality ◽  
Gains And Losses

<p><strong>Resumen</strong></p><p>La medición contable es el proceso por medio del cual se establecen los valores monetarios por los que se expresan los elementos de los estados financieros. Como lo que se mide es el valor, se pensaría que se dispone de una teoría del valor de aceptación general que confiere fundamento conceptual y epistemológico a dicho proceso. Sin embargo, esto dista mucho de lo que sucede en la teoría y en la normativa contable, en las que se han propuesto y se utilizan –de manera alternativa y también combinada– modelos de medición que no necesariamente capturan los mismos aspectos de la realidad económica de los negocios y que, más bien, constituyen la puesta en operación de teorías del valor opuestas entre sí.</p><p>Actualmente, en la práctica y en la normativa contable internacional, la determinación de los montos por los que se expresan los activos de los estados de situación financiera de las empresas es el resultado de un proceso de hibridación de distintos modelos de medición, lo que conlleva a que dicho estado se convierta en una mezcla de cifras heterogéneas representativas de diferentes aspectos de las realidades económicas de las entidades. En este artículo se presenta una disertación teórica acerca de la coexistencia de diferentes modelos para la medición de los activos en las Normas Internacionales de Información Financiera (NIIF) y de los efectos que esto produce sobre la comparabilidad de la información financiera y el reconocimiento de ganancias y pérdidas surgidas de los procesos de medición contable.</p><p> </p><p><strong>Abstract</strong></p><p>Accounting measurement is the process to establish the monetary values to represent the elements of the financial statements. It is possible to think that this process is supported by a widely accepted theory of the value that provides conceptual and epistemological foundation.</p><p>However, this is not so in Accounting theory and standards, in which have been proposed and used −and also combined and alternated− models of measurement that do not necessarily capture the same aspects of the economic reality of the business, and that even present opposed value theories. Currently, the amounts to measure the assets in the companies’ balance sheets are the result of a <em>hybridization</em> of diverse measurement models, which makes the statement a heterogeneous mix of different aspects of the entities economic realities.</p><p>This article presents a theoretical dissertation about the coexistence of different models for the measurement of assets used by International Standards of Financial Reporting (IFRS), and their effects on the comparability of financial information and the recognition of gains and losses arising from the processes of accounting measurement.</p>

International Financial Reporting Standards

2017 ◽  
Author(s):  
Гетьман ◽  
Viktor Gyetman ◽  
Рожнова ◽  
Olga Rozhnova ◽  
Сиднева ◽  
...  
Keyword(s):  
Cash Flow ◽  
Financial Reporting ◽  
Financial Statements ◽  
International Standards ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Accounting Estimates

In the textbook the system of the international standards of the financial reporting (IFRS) is analysed: her principles, formation, advantages and expediency of introduction. MFSO are considered all: submission of financial statements; stocks; report on cash flow; accounting policies, changes in the estimated accounting estimates and mistakes, turnkey contracts, etc. Also reflection of financial rent is given in the reporting of the tenant under RAS and MFSO, etc. For the students studying in the Economy and Management directions and also for all comers to increase the level in the field of a training of the consolidated reporting.

scholarly journals Prospects of Application of International Standards in Financial Reporting by Small and Medium-size Businesses in Georgia

2018 ◽  
Vol 9 (2) ◽  
pp. 1
Author(s):  
Levan Sabauri ◽  
Nadezhda Kvatashidze
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Cost Utility ◽  
International Standards ◽  
Medium Size ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
The Cost ◽  
Supply Information

Drafting financial statements according to the complete (global) International Financial Reporting Standards (IFRS) in place by small and medium-size businesses (enterprises) is a laborious and costly task, so much so that it does not comply with the cost-utility ratio guideline of the IFRS conceptual framework.The International Accounting Standards Board (IASB) developed financial reporting standards adequate with the transactions, deals and information users of the small and medium-size businesses, which resulted in simpler IFRS and ultimately cheaper financial statements and more useful information. Most of the businesses in Georgia are small or medium-size, so simplified IFRS allow them not only to supply information without much effort and excessive costs but develop further and attract investments.

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