Implementation IFRS in Russia

Auditor ◽  
2020 ◽  
Vol 6 (5) ◽  
pp. 23-26
Author(s):  
S. Puchkova ◽  
T. Tkachenko
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

This article is devoted to the transition of Russia to International Financial Reporting Standards and the development on their bases of Russian Federal Accounting Standards. Th e article covers the key institutions’ activity involved in the implementation of IFRS in Russia. Approved standards have a great impact on the quality of the presented financial statements, its comparability and usefulness.

Research of Estimated Liabilities During the Audit of Accounting (Financial) Statements

Auditor ◽  
2021 ◽  
pp. 33-39
Author(s):  
N. Loseva
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

The article discusses the estimated liabilities, their study and assessment in accordance with the provisions of Russian accounting standards (RAS) and International Financial Reporting Standards (IFRS).

Empirical Study on the Effect of Adopting the International Financial Reporting Standards (IFRS) on the Quality of Earnings using Beneish Model in a Sample of Banks Listed in the Iraqi Stock Exchange

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Zahraa Nasser Ali ◽  
Hakeem Hammood Flayyih
Keyword(s):  
Financial Reporting ◽  
Commercial Banks ◽  
Stock Exchange ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Global Capital ◽  
Financial Reporting Standards ◽  
The Impact

The need for international financial reporting standards (IFRS) emerged due to the increasing degree of interdependence between global capital markets and the need for investors to obtain reliable and honest financial information in expressing economic events, in order to find a common financial language, and this is what IFRS provide. Nevertheless, the research aimed to measure the impact of the adoption of IFRS on the quality of earnings in the Iraqi banks listed in the Iraqi Stock Exchange for a sample of 30 banks. The Beneish model was used to measure the quality of earnings, while Mann-Whitney was used to measure and prove the hypothesis of the research. However, the research reached a set of conclusions, including that although the IFRS should contribute to improving the quality of financial reporting, the adoption of these standards in commercial banks listed in the Iraq Stock Exchange did not contribute to achieving quality in earnings even after adopting those standards. Furthermore, a Beneish model is an important tool for auditors, financial analysts, investors, and creditors who have the ability to understand the financial statements or those who have a reasonable understanding of the nature of those financial statements in measuring the quality of earnings, because it is a simple and easy to implement tool.

Implementation of foreign practice of regulation and accounting and reporting in Russia

2020 ◽  
pp. 215-222
Author(s):  
N. Yu. Orlova
Keyword(s):  
Comparative Analysis ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
National Standards ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Tax Reporting ◽  
International Comparability

The reform of accounting and reporting in Russia began in the 1990s. The benchmark was taken on International Financial Reporting Standards, as many countries use these standards. IFRS have a number of advantages, such as simplicity, objectivity, international comparability. The author of the article gives the main problems, as a result of which, for almost thirty years, national standards have come very slightly closer to international ones. The author of the article gives the main problems, as a result of which, for almost thirty years, national standards have come very slightly closer to international ones. In the comparative analysis of accounting and the preparation of accounting and tax reporting according to Russian Accounting Standards (RAS) with International Financial Reporting Standards (IFRS), fundamental differences were revealed in the reflection of accounting objects in financial statements.

Response to the SEC’s Proposed Rule—Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers

2010 ◽  
Vol 24 (1) ◽  
pp. 117-128 ◽  
Author(s):  
Mark Bradshaw ◽  
Carolyn Callahan ◽  
Jack Ciesielski ◽  
Elizabeth A. Gordon ◽  
Leslie Hodder ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Accounting Standards Board ◽  
Financial Reporting Standards ◽  
Near Term ◽  
Potential Use

SYNOPSIS: The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association (hereafter, the AAA FRPC or the committee) is charged with responding to discussion memoranda and exposure drafts on financial accounting and reporting issues. This response is to the SEC’s proposed rule, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers. Based on a review of the literature, the AAA FRPC has concluded that a move to an international set of financial reporting standards is a desirable goal. We have also concluded that continued convergence of U.S. GAAP with IFRS by joint relations between the International Accounting Standards Board (hereafter, IASB) and the Financial Accounting Standards Board (hereafter, FASB) is preferable to near-term adoption of IFRS as a strategy for convergence.

Necessity And Main Directions Of Improving Financial Reporting In Uzbekistan

2021 ◽  
Vol 03 (05) ◽  
pp. 61-67
Author(s):  
Boronov Bobur Farkhodovich ◽  
◽  
Abdurasulov Jamshidbek Ahmad Ugli ◽  
◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Instruments ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Accounting Rules

The article highlights the need to improve financial reporting, the regulations adopted in Uzbekistan in this regard. The purpose of the concept required for the transition to International Financial Reporting Standards (IFRS) in Uzbekistan and the tasks to be included in it have been developed, a series of national accounting standards are presented. It was noted that today the standards for financial instruments need to be improved. For the transition to IFRS, the terms related to the information reflected in the financial statements are given. The work to be done in Uzbekistan to introduce the terms and accounting rules for the information reflected in the financial statements.

Financial statement analysis

2019 ◽  
Author(s):  
Мария Вахрушина ◽  
Mariya Vakhrushina ◽  
Ольга Антонова ◽  
Ol'ga Antonova ◽  
Марина Друцкая ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Public Information ◽  
Accounting Standards ◽  
Financial Statements ◽  
Legal Framework ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Integrated Reporting ◽  
Financial Reporting Standards ◽  
The Impact

The textbook presents the basic theoretical, methodological and practical provisions of the discipline "Analysis of financial statements" in accordance with the state educational standard of higher education for the preparation of students in the direction of "Accounting, analysis and audit". The issues of analysis and evaluation of the financial situation and performance of the organization using practical data of individual and consolidated financial statements, statistical and tax reporting. The algorithms and practical calculations of analytical indicators are based on the principle of "through example". The textbook takes into account changes in the legal framework - the development of Federal accounting standards (FSBU). Federal law No. 160-FZ of 18 July 2017 clarifies the status of accounting regulations (PBU). PBU approved by the Ministry of Finance of Russia in the period from October 1, 1998 to January 1, 2013 are recognized as Federal accounting standards. At the same time a number of PBU changes. The textbook reflects the impact of legislative changes on the preparation and analysis of financial statements. The influence of international approaches to the disclosure of public information on the Russian practice of its presentation continues to grow. The textbook describes the changes in International financial reporting standards, taking into account their impact on the presentation and analysis of financial statements. The influence of international approaches to the disclosure of public information on the Russian practice of its presentation continues to grow. The textbook describes the changes in International financial reporting standards, taking into account their impact on the presentation and analysis of financial statements. Taking into account the strengthening of the position of integrated reporting in ensuring sustainable development of economic entities radically revised section of the textbook on the practice of its analysis. For students, postgraduates, teachers of economic specialties, students of the system of training and advanced training of accountants, auditors, specialists of financial and economic services.

scholarly journals Orientation of the development of vietnam financial reporting standards for small and medium - sized entities compatible with the international financial reporting standards for small and medium sized entities

2015 ◽  
Vol 18 (3) ◽  
pp. 41-49
Author(s):  
Hung Xuan Nguyen ◽  
Thuy Xuan Ho
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Reporting Systems ◽  
Development Orientation

Differences in financial reporting systems for small and medium sized entities(SMEs)and large ones have caused plenty of controversies in the last few decades, especially after the introduction of the International Financial Reporting Standards for Small and Medium sized Entities (IFRS for SMEs) by International Accounting Standards Board (IASB). Bohusova & Blaskova [3]suggested that there existed a preference in many developing countries where the quality of financial reporting was normally considered sub-average for applying the IFRS for SMEs due to strong demand in international economic integration and higher quality financial reporting standards, to which Vietnam is also no exception. Therefore, further research of the IFRS for SMEs in Vietnam is highly desired. This paper shall present a review of concepts of SMEs and the IFRS for SMEs, followed by a comparison of some notable differences between the IFRS for SMEs and the current Vietnamese Accounting Standards (VAS) for SMEs. A summary of many worldwide, mainstream thoughts of the development of financial reporting standards for SMEs is also included. On that basis, prospective proposals for the development orientation of financial reporting standards for SMEs in Vietnam are suggested in order to help Vietnamese SMEs to meet the universal trend of convergence of international accounting.

scholarly journals Financial Statement according to National or International Financial Reporting Standards? A Decision Analysis Case Study from the Czech Republic at Industrial Companies

2020 ◽  
Vol 31 (3) ◽  
pp. 270-281
Author(s):  
Michal Krajňák
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
The Czech Republic ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Industrial Companies

Financial statements bring information about financial position, performance and changes in financial performance. These statements could be prepared in accordance with national accounting standards or in accordance with International Financial Reporting Standards. The scientific problem is to assess whether it is more beneficial to prepare financial statements according to national, transnational or both national and transnational accounting standards. Results show that it is more convenient to prepare financial statements only according to the legislation of national accounting standards. The advantage of this option is lower costs. However, the second best option, based on preparing financial statements according to International Financial Reporting standards, leads to higher quality, credibility and comparison of these statements. Options based on the gradual convergence of transnational and national accounting standards also do not represent an ideal situation. The utility of options is influenced by many criteria. The most important criterion according to the questionnaire survey is costs. The questionnaire survey was carried out in the year 2018 among 28 industrial companies in the selected region of the Czech Republic. The methods of description, analysis, synthesis, comparison and selected methods of multi-criteria decision-making are used in the article.

scholarly journals Methodological aspects of accounting of warranty provision in accordance with international financial reporting standards

2020 ◽  
Vol 7 (2) ◽  
pp. 22-32
Author(s):  
T Davydiuk ◽  
◽  
S Syrtseva ◽  
V Endres ◽  
V Nadraga ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Methodological Approach ◽  
Accounting Standards ◽  
Scientific Work ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
Methodological Aspects

In order to ensure that warranty repair and maintenance costs are included evenly in accordancewith National Accounting Standards and International Financial Reporting Standards, entities are entitled to create provisions under warranty. Creation of such provisions allows to adjust the income and expenses for warranty repair and maintenance and to reasonably distribute expenses between the reporting periods, which helps to optimize the tax burden. The purpose of the article is to review the methodological aspects of accounting of warranty provisions in accordance with International Financial Reporting Standards.The achievement of the stated goal necessitated the following tasks: to disclose the nature and conditions of recognition of provisions for warranty in accordance with international accounting standards; to present the methodology for accounting in the accounting and tax accounting and financial statements of the provision for warranty in accordance with IFRS; to propose methods of calculating the warranty provisions to determine their main advantages and disadvantages. The main general scientific methods of research were the analysis (for conducting the research of the main essential characteristics of the research object and peculiarities of its functioning in the context of the topic of scientific work). Analogy method, dialectical method and systematicapproach were used to reflect the methodological approach to accounting and to show in the financial statements the provisions for warranty. Comparison method was used for evaluating the techniques for calculating warranty provision for entities that prepare IFRS financial statements.

A Perspective on the SEC’s Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) without Reconciliation to U.S. GAAP

2008 ◽  
Vol 22 (2) ◽  
pp. 241-248 ◽  
Author(s):  
Karim Jamal ◽  
George J. Benston ◽  
Douglas R. Carmichael ◽  
Theodore E. Christensen ◽  
Robert H. Colson ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Regulatory Changes ◽  
Better Than

SYNOPSIS: The Securities and Exchange Commission (SEC) recently issued a call for comment on a proposal to accept financial statements prepared in accordance with International Financial Reporting Standards (IFRS) without reconciliation to U.S. GAAP. Accounting researchers have attempted to assess the quality of IFRS using different methods and criteria. While we are skeptical of drawing direct conclusions about the SEC’s proposal based on this research, there is adequate evidence that both IFRS and U.S. GAAP provide useful information to investors and other users of financial statements. Moreover, we see no conclusive research evidence that financial reports prepared using U.S. GAAP are better than reports prepared using IFRS. The prudent approach when faced with alternatives with no clear difference in quality is to promote competition among them, which supports adopting the SEC’s proposal to permit foreign private issuers a choice between IFRS and U.S. GAAP. Furthermore, to help improve U.S. and international GAAP through standards-setting competition, we recommend that the Commission extend the choice of IFRS to U.S. companies, and require all companies to indicate clearly whether they are filing under U.S. GAAP or IFRS. Finally, we recommend that the Commission and its staff investigate and seek feedback on the educational consequences of its proposed actions. This attention will help educators to better prepare future professionals to implement these proposed regulatory changes.

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