Comparison of approaches to inventory valuation in RAS 5/2019 and ifrs 2 in the context of solving the problem of convergence of russian and international accounting practices

Currently, the implementation of the Program for the Development of Federal Accounting Standards for 2019 - 2021, approved by the Order of the Ministry of Finance of Russia No. 83n dated 05.06.2019, is being carried out and certain results of this work can be stated. These include changes in the content of a number of existing standards. First of all, it should be noted the amendments already adopted to PBU 1/2008 "Accounting Policy of the Organization", adopted and coming into force for reporting for 2022 "Accounting for Leases" (PBU 25/2018), as well as amendments to the standards that have come into force for reporting for 2020 “Accounting for State Aid” (PBU 13/2000), “Accounting for Calculations of Corporate Income Tax” (PBU 18/02), “Information on Discontinued Operations” (PBU 16/02). But the breakthrough year, based on the reform program, promises to be 2021, from the beginning of which the application of seven new standards should begin, including the FSBU "Inventories".

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Market Reactions to Accounting Policy Choices for Mergers and Acquisitions: Evidence for the Japanese Adoption of International Accounting Standards

SSRN Electronic Journal ◽

10.2139/ssrn.1689448 ◽

2010 ◽

Author(s):

Tadanori Yosano ◽

Yoshinori Shimada

Keyword(s):

Mergers And Acquisitions ◽

Accounting Standards ◽

International Accounting ◽

International Accounting Standards ◽

Market Reactions ◽

Policy Choices ◽

Accounting Policy

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Understanding the Essence of the Accrual Method According to the International Standards

Works of Georgian Technical University ◽

10.36073/1512-0996-2021-2-57-66 ◽

2021 ◽

pp. 57-66

Author(s):

Bidzina Grigalashvili ◽

Keyword(s):

Subject Matter ◽

Accounting Standards ◽

Financial Statements ◽

International Standards ◽

International Accounting ◽

International Accounting Standards ◽

Conceptual Frameworks ◽

Accounting Practice ◽

Accounting Policy

Assumption of international accounting standards was considerable event in the accounting practice of Georgia. One of the innovation was the introduction of "accounting policy" and establishment such an element in the compilation of financial statements as "accrual method". Mentioned method was not used in Soviet accounting. Based on his explanation, after the introduction of international standards, the definitions have undergone some changes. The article analyzes the implemented changes, definitions, given in international standards and conceptual frameworks, outlook of various authors concerning subject matter and relevant conclusions drawn. Based on researches have been proven that, the "accrual method" should be used by the enterprise in recognizing / reflecting income and expenses and not in relation to assets and liabilities. Based on the reconciliation and analysis of different definitions, the author's designation of the "accrual method" is proposed.

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Understanding the Essence of the Accrual Method According to the International Standards

Works of Georgian Technical University ◽

10.36073/1512-0996-2021-3-30-39 ◽

2021 ◽

pp. 30-39

Author(s):

Bidzina Grigalashvili ◽

Keyword(s):

Subject Matter ◽

Accounting Standards ◽

Financial Statements ◽

International Standards ◽

International Accounting ◽

International Accounting Standards ◽

Conceptual Frameworks ◽

Accounting Practice ◽

Accounting Policy

Assumption of international accounting standards was considerable event in the accounting practice of Georgia. One of the innovation was the introduction of "accounting policy" and establishment such an element in the compilation of financial statements as "accrual method". Mentioned method was not used in Soviet accounting. Based on his explanation, after the introduction of international standards, the definitions have undergone some changes. The article analyzes the implemented changes, definitions, given in international standards and conceptual frameworks, outlook of various authors concerning subject matter and relevant conclusions drawn. Based on researches have been proven that, the "accrual method" should be used by the enterprise in recognizing / reflecting income and expenses and not in relation to assets and liabilities. Based on the reconciliation and analysis of different definitions, the author's designation of the "accrual method" is proposed.

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Features of the Audit of the Organization Receiving State Assistance in Terms of Transition to a New Accounting Procedure

Auditor ◽

10.12737/article_5dcbe92f260d71.56122591 ◽

2019 ◽

Vol 5 (11) ◽

pp. 3-12

Author(s):

Людмила Сотникова ◽

Lyudmila Sotnikova

Keyword(s):

Russian Federation ◽

Transition Period ◽

State Aid ◽

New Order ◽

Accounting Standard ◽

The Russian Federation ◽

Ministry Of Finance ◽

Accounting Procedure ◽

Accounting Policy

Th e article is devoted to topical issues of audit of organizations-recipients of state aid in terms of voluntary transition to a new accounting procedure established by the Order of the Ministry of Finance of the Russian Federation dated December 4, 2018 No. 248n, which amended the Federal accounting standard (FSB (PBU)) 13/2000 «Accounting of state aid», approved by the order of the Ministry of Finance of the Russian Federation No. 92n of October 16, 2000. These amendments for mandatory application shall enter into force on January 1, 2020. However, in 2019, reporting organizations-recipients of state aid could apply the standard with changes voluntarily, indicating this in their accounting policies, as well as disclosing in the accounting (fi nancial) statements for 2019. Th e transition to the new accounting procedure implies a retrospective approach to changing the accounting policy and no special transition period has been established by the Ministry of Finance. Th e article deals with the main theoretical and practical aspects of the new order of accounting and disclosure in the reporting of state aid.

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Corporate Income Tax Contribution of the Polish Financial Sector

e-Finanse ◽

10.2478/fiqf-2018-0014 ◽

2018 ◽

Vol 14 (2) ◽

pp. 83-91

Author(s):

Wojciech Stiller

Keyword(s):

Income Tax ◽

Financial Sector ◽

Corporate Income Tax ◽

Tax Burden ◽

The Public ◽

Bank Levy ◽

Ministry Of Finance ◽

Polish Economy ◽

Transaction Tax ◽

Minimum Ratio

AbstractThe financial crisis has stimulated debate on the taxation of the financial sector. The focus is on the bank levy and financial transaction tax, whereas corporate income tax attracts less attention in the public debate. Accordingly, this study analyses the contribution of the financial sector to Polish revenue from corporate income tax. Based on tax statistics of the Ministry of Finance from 1998 to 2016, the aggregated effective tax burden of the financial sector is determined and compared with the tax burden of corporations from other sectors. In addition, the study deals with loss deduction of the financial sector in comparison to non-financial corporations.The study shows that the effective tax burden of the financial sector - measured as a ratio of the tax due to income - is higher than the corresponding burden for corporations from outside this sector. A higher corporate income tax burden of the financial sector also applies if it is measured by aggregated profits reduced by losses. An exception to this is the period up to 2002 and the year 2009, when the effective tax burden of the financial sector was lower after the inclusion of losses when compared to other sectors of the Polish economy. This can be explained by the relatively low losses of the Polish financial corporations compared to other corporations. Furthermore, the study shows that tax losses in the financial sector are used much more effectively. The minimum ratio of the expired loss carry-forward - due to its limitation up to five years – to the reported losses accounts for 20.2% for this sector and is thereby significantly lower than the corresponding share of 54.6% for non-financial corporations.

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The European Commission Proposal for a Council Directive on a Common Corporate Tax Base (CCCTB) as an Example of Applying Financial Accounting Standards in Taxation on the Corporate Income Tax

Teisė ◽

10.15388/teise.2021.119.3 ◽

2021 ◽

Vol 119 ◽

pp. 52-65

Author(s):

Martynas Endrijaitis

Keyword(s):

European Commission ◽

Income Tax ◽

Accounting Standards ◽

Legal Regulation ◽

Financial Accounting ◽

Corporate Income Tax ◽

Corporate Tax ◽

Tax Base ◽

Council Directive ◽

Accounting Rules

This article discloses the conception of CCCTB and the relations between CCCTB and the legal regulation of financial accounting, including an analysis of concrete examples of how financial accounting rules are applied in CCCTB. The research highlights the necessity of applying financial accounting standards in CCCTB.

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Tratamiento contable de las stock options según la normativa contable internacional

Contaduría y Administración ◽

10.22201/fca.24488410e.2010.259 ◽

2010 ◽

Author(s):

ELENA MERINO MADRID ◽

REGINO BANEGAS OCHOVO ◽

JESÚS FERNANDO SANTOS PEÑALVER

Keyword(s):

Financial Reporting ◽

Stock Options ◽

Accounting Standards ◽

Financial Accounting ◽

International Accounting ◽

International Accounting Standards ◽

Financial Accounting Standards Board ◽

Reporting Standard ◽

International Financial Reporting Standard ◽

Ifrs 2

LA RETRIBUCIÓN QUE HACEN LAS EMPRESAS A SUS DIRECTIVOS Y EMPLEADOS MEDIANTE LA ENTREGA DE OPCIONES SOBRE ACCIONES (STOCK OPTIONS) SE HA CONVERTIDO EN UNA PRÁCTICA HABITUAL EN MUCHOS PAÍSES DEL MUNDO. HASTA FECHAS RECIENTES NO EXISTÍA UN CONSENSO SOBRE EL TRATAMIENTO CONTABLE QUE SE DEBÍA DAR A ESTE TIPO DE TRANSACCIONES; SIN EMBARGO, EN LA ACTUALIDAD PARECE QUE TAL CONSENSO SE HA ALCANZADO AL EXIGIR TANTO EL INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) COMO EL FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), EN LA INTERNATIONAL FINANCIAL REPORTING STANDARD, IFRS 2 (NIIF 2, NORMA INTERNACIONAL DE INFORMACIÓN FINANCIERA) Y STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) 123 (R) RESPECTIVAMENTE, QUE SE RECONOZCA LA REMUNERACIÓN BASADA EN LA ENTREGA DE OPCIONES SOBRE ACCIONES COMO UN GASTO EN LOS ESTADOS FINANCIEROS. EL OBJETIVO DE ESTE TRABAJO ES ANALIZAR EL TRATAMIENTO CONTABLE APLICABLE DE ACUERDO CON LA NORMATIVA CONTABLE INTERNACIONAL O DE INFORMACIÓN FINANCIERA (NIC/NIIF).

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Determinants of accounting policy choices under international accounting standards

Accounting Research Journal ◽

10.1108/arj-02-2015-0020 ◽

2017 ◽

Vol 30 (4) ◽

pp. 430-446 ◽

Cited By ~ 1

Author(s):

Muhammad Jahangir Ali ◽

Kamran Ahmed

Keyword(s):

Accounting Standards ◽

Reporting Quality ◽

Alternative Methods ◽

International Accounting ◽

International Accounting Standards ◽

Content Type ◽

Listed Firms ◽

Policy Choices ◽

Investment Opportunity Set ◽

Accounting Policy

Purpose The purpose of this paper is to examine the determinants of accounting policy choices under International Accounting Standards (IASs) of listed firms in South Asia. Design/methodology/approach We selected three IASs-based accounting policy choices from 369 listed companies in India, Pakistan and Bangladesh for the financial year 2007-2008. Findings Our results show that firm size, investment opportunity set, leverage and ownership by the general public are significant determinants of accounting policy choice in South Asian countries. However, we do not find a significant relationship between firms’ accounting policy choices and profitability, assets-in-place and taxes. Practical implications Our results suggest that as some flexibility exists in IASB’s accounting standards, this may allow managers to use income-increasing/decreasing methods. There is scope for regulators and standards setters to reduce the alternative methods which are likely improve firms’ reporting quality. Originality/value Our study contributes to the understanding as to what determines managers’ choice of a particular accounting method allowed in IAS.

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The Conformity Level of Income Tax Accounting In Jordan with the Requirements of the International Accounting Standard IAS (12) in Terms of Taxable Temporary Differences’ Recognition

International Business Research ◽

10.5539/ibr.v10n5p51 ◽

2017 ◽

Vol 10 (5) ◽

pp. 51

Author(s):

Ahmad Adel Jamil Abdallah

Keyword(s):

Income Tax ◽

Accounting Standards ◽

Financial Statements ◽

International Standards ◽

International Accounting ◽

International Accounting Standards ◽

Accounting Standard ◽

Foreign Companies ◽

International Accounting Standard ◽

Tax Accounting

The present study aimed to measuring the conformity level of income tax accounting in Jordan with the requirements of ISA (12), and because of increasing to apply the international standards by local and foreign companies in Jordan and Jordanian legislations it’s appear gap between the accounting profit and the tax profit caused Taxable temporary and permanent differences. The study seeks to achieve set of goals represented by studying and analyzing the compatibility level of income tax accounting by a questionnaire was distributed to 100 income and sales auditors working in the senior and moderate Taxpayers, directorates 85 questionnaires were retrieved and eighty were valid for the study’s purposes, the major results that is the study found the income tax accounting in Jordan does not adhere to the requirements of most of the international accounting standards as there were no presentation to the financial statements, and There was no recognition of Taxable temporary differences and deductible temporary differences (the differences between accounting profit and taxable profit) in the income tax accounting in Jordan.

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