Methodological approaches to accounting for financial instruments: Current issues and advisable solutions

Subject. The article discusses the way financial instruments are accounted for, and related issues. Objectives. We outline our recommendations to address problems concerning the financial instruments accounting technique. Methods. The study involves a critical analysis, synthesis, comparison, observation, analogies. Results. We prove the inadequacy of the regulatory framework for accounting for financial instruments of the Russian non-credit institutions. As discussed in the scientific literature on accounting for financial instruments, advisable methodological approaches were found to vary significantly. We justify our recommendations on addressing challenging issues of accounting for non-derivative and derivative financial instruments and provide our suggestions on accounting for financial assets qualified as cash equivalents, advice on separate accounting and recognition of financial liabilities, recognition of financial derivatives in accounts. Conclusions and Relevance. Currently, Russia's regulations govern only some issues of accounting for financial instruments. There are plenty of accounting aspects concerning derivative and non-derivative financial instruments that remain unregulated. As proposed in the scientific literature on accounting for financial instruments, methodological approaches significantly differ. International standards do not exhaustively govern complicated issues of accounting for financial instruments. Thus, research on accounting for financial instruments should continue. It is important to promote the regulatory framework for financial instruments accounting as long as a set of the Russian accounting standards are revised. The findings are of applied and theoretical nature for financial accounting.

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Measurement of public sector financial instruments in Russian and international standards systems

International Accounting ◽

10.24891/ia.24.7.740 ◽

2021 ◽

Vol 22 (7) ◽

pp. 740-760

Author(s):

Tat'yana Yu. DRUZHILOVSKAYA

Keyword(s):

Public Sector ◽

Critical Analysis ◽

International Standards ◽

Financial Accounting ◽

Financial Assets ◽

Financial Instruments ◽

Analogy Method ◽

Public Sector Organizations ◽

Degree Of Convergence

Subject. This article discusses the regulations regarding the assessment of financial instruments of public sector organizations in the systems of Russian and international standards. Objectives. The article aims to investigate the degree of convergence of regulations regarding the assessment of financial instruments in the Russian standards for public sector organizations with the rules of international standards. Methods. For the study, I used the methods of critical analysis, synthesis, comparison, observation, and the analogy method. Results. Based on a comparison of the regulations regarding the initial and subsequent assessment of various types of financial assets and financial liabilities in the Russian FSBU Standard Financial Instruments and IPSAS 29 Financial Instruments: Recognition and Measurement, the article identifies situations where the assessments of financial instruments of public sector organizations, conducted according to Russian and international standards, coincide or have differences. Conclusions and Relevance. It is advisable to further converge approaches to the assessment of financial instruments in Russian standards for public sector organizations and the IPSAS regulations. The results obtained have both applied and theoretical applications in the field of financial accounting.

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Issues of interpreting and reflecting the expenses of organizations in financial accounting

International Accounting ◽

10.24891/ia.24.1.48 ◽

2021 ◽

Vol 22 (1) ◽

pp. 48-71

Author(s):

Tat'yana Yu. DRUZHILOVSKAYA

Keyword(s):

Critical Analysis ◽

Scientific Literature ◽

Accounting Standards ◽

International Standards ◽

Financial Accounting ◽

Analog Approach ◽

The Impact

Subject. This article examines the problems associated with the interpretation of the concept of Expenses and their reflection by organizations in financial accounting. Objectives. The article aims to identify and systematize the problems related to the interpretation of the concept of Expenses and their reflection by organizations in financial accounting. Methods. For the study, I used the methods of critical analysis, synthesis, comparison, observation, and the analog approach. Results. The article highlights the controversial aspects of the interpretation of the economic content of the concept of Expenses in the system of Russian Accounting Standards (RAS) and scientific literature. It compares different interpretations of the economic content of this concept in the systems of Russian and International Standards of Accounting and Reporting. The article also systematizes the impact of business types on recognition and reflection of the expenses of organizations in financial accounting. Conclusions and Relevance. There are contradictions in the interpretation of the economic content of the concept of Expenses in the system of Russian Accounting Standards. There is no unity in the interpretation of Expenses in the scientific literature on accounting. Despite the closeness of the definitions of Expenses in RAS and IFRS systems, there are significant differences in regulations relating to the recognition and reflection of expenses in financial accounting. The results presented have both applied and theoretical applications in the field of financial accounting.

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ANALISIS PENERAPAN PSAK 50 DAN PSAK 55 ATAS CADANGAN KERUGIAN PENURUNAN NILAI

GOING CONCERN : JURNAL RISET AKUNTANSI ◽

10.32400/gc.9.1.25224.2014 ◽

2014 ◽

Vol 8 (3) ◽

Author(s):

Yusni Husain ◽

Jullie J. Sondakh ◽

Heince Wokas

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

Financial Accounting ◽

Financial Assets ◽

International Accounting Standards ◽

Financial Instruments ◽

Financial Accounting Standards Board ◽

Financial Reporting Standards ◽

Ias 39

The application of the new accounting standards that are influential in the banking convergence with International Financial Reporting Standards and International Accounting Standards discussed in (IAS) 39 on recognition and measurement of financial instruments. Financial Accounting Standards Board issued Statement of Financial Accounting Standards (SFAS) 50 and 55 of the Presentation, Recognition and Measurement of Financial Instruments will be effective on January 1, 2012. Allowance for Impairment (Impairment Loss) is derived from the value of the amount to be recorded at recoverable value of the asset. This research was conducted at PT. Bank Mandiri Unit 1 Datulolong Lasut Manado (Persero) Tbk . The purpose of this study was to determine the extent of the application of SFAS 50 and SFAS 55 to the recognition, measurement and presentation of the allowance for impairment losses PT. Bank Mandiri Unit 1 Datulolong Lasut Manado (Persero) Tbk. The results suggest the application of SFAS 50 and SFAS 55 top Allowance for Impairment Losses by PT Bank Mandiri Tbk. compliance with applicable standards.The process of recognition of Allowance for Impairment Losses at amortized value using the effective interest rate. Measuring the level of collective impairment for financial assets is calculated based on the loss historical collectively. Presentation of receivables in the financial statements is the value after deducting the allowance for impairment losses.

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EVALUASI PENERAPAN PENGUNGKAPAN INFORMASI ASET KEUANGAN MENURUT PSAK 60 PADA PT. BANK NEGARA INDONESIA (PERSERO) TBK

GOING CONCERN : JURNAL RISET AKUNTANSI ◽

10.32400/gc.11.2.13073.2016 ◽

2016 ◽

Vol 11 (2) ◽

Author(s):

Zwingly Juliano Stefanus Pangkey ◽

Lintje Kalangi ◽

Robert Lambey

Keyword(s):

Data Analysis ◽

Financial Performance ◽

Information Disclosure ◽

Qualitative Method ◽

Accounting Standards ◽

Financial Statements ◽

Financial Accounting ◽

Financial Assets ◽

Financial Instruments ◽

Analysis Method

Financial Assets is one of the factors that really support banking company's business. Statement of Financial Accounting Standards (SFAS) No. 60 about Financial Assets: disclosure head for organize entities to giving disclosure in their financial statements which enable the users to evaluate the significance of financial instruments to the position and financial performance of the entity, characteristic, and risk scope which apeear from financial instruments which the entity’s exposed during period and in the end of reporting period, and how the entity managing the risk. The object of this research is PT. Bank Negara Indonesia (Persero) Tbk. with financial statements and notes to the financial statements of December 31, 2014 and 2015 as sample. The data analysis method used in this study is a qualitative method. From the research, the results that can be concluded about the application of financial assets information disclosure at PT. Bank Negara Indonesia (Persero) Tbk. is appropriate with Statement of Financial Accounting Standards (SFAS) No. 48 about financial assets: disclosure but not yet revealing about values related to offsets and about default. Expected in the future PT. Bank Negara Indonesia (Persero) Tbk. could add disclosure about offsetting values and default. . Keyword : Bank, Financial Assets, Disclosure, Financial Instrument

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ANALISIS KEPATUHAN PT BANK RAKYAT INDONESIA (PERSERO) Tbk PADA REVISI PSAK 60

ACCOUNTABILITY ◽

10.32400/ja.16222.6.1.2017.35-44 ◽

2017 ◽

Vol 6 (1) ◽

pp. 35

Author(s):

Lisa Christy Longgorung ◽

Ventje Ilat

Keyword(s):

Research Method ◽

Accounting Standards ◽

Financial Statements ◽

Fair Value ◽

Financial Accounting ◽

Financial Assets ◽

Financial Instruments ◽

Financial Instrument ◽

Loan Terms ◽

Bank Disclosure

Statement of Financial Accounting Standards (SFAS) 60 adjustment in 2014 is a standard that governs the disclosure of financial instruments. This greatly affects the standard of disclosure of details of banking information Indonesia on financial assets in the financial statements, as the industry is highly regulated, allegedly the level of compliance of the Bank Rakyat Indonesia (BRI) to implement the standard was high. Financial assets consist of available-for-sale, held to maturity, loans and receivables, and financial assets at fair value through profit or loss. This study aimed to see if the BRI bank disclose financial assets in accordance with SFAS No. 60 adjustment, 2014. The research method is descriptive qualitative. The results showed BRI bank in the disclosure of their financial assets in accordance with SFAS No. 60 adjustment in 2014 but the management did not express because the default has been completed and the loan terms have been renegotiated before the end of the reporting period. Bank BRI to apply IAS 60 and keep abreast of revisions in accordance with the specified standard. So that transparency in the disclosure of financial statements BRI clearer and can build higher trust of our customers and shareholdersKeywords : bank,disclosure, financial instrument

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Accounting for non-financial tangible assets: Convergence with IFRS, achievements, challenges, prospects

International Accounting ◽

10.24891/ia.24.2.142 ◽

2021 ◽

Vol 22 ◽

pp. 142-165

Author(s):

Tat'yana Yu. DRUZHILOVSKAYA

Keyword(s):

Critical Analysis ◽

Accounting Standards ◽

Financial Accounting ◽

Non Profit ◽

The Public ◽

Tangible Assets ◽

Fixed Assets ◽

Solution Methods ◽

Commercial Organizations ◽

The Impact

Subject. This article discusses the problems of accounting for non-financial tangible assets associated with the introduction of new FSBU (Russian Federal Accounting Standards) for commercial organizations and non-profit organizations outside the public sector. Objectives. The article aims to study and systematize the impact of the new FSBU regulations on the accounting for non-financial tangible assets, justify the convergence of this accounting with IFRS regulations, identify problems, and justify the prospects for their solution. Methods. For the study, I used the methods of critical analysis, synthesis, comparison, observation, and the analogy approach. Results. The article describes the impact of the adoption of the new FSBU on the accounting for non-financial tangible assets, such as inventories, fixed assets, investment real estate, biological assets. It identifies the degree to which this accounting is linked to IFRS regulations, as well as the problems associated with the recognition, evaluation and reflection in the reporting of non-financial tangible assets in the reporting of Russian organizations as a result of the introduction of the new FSBU. The article shows the prospects for solving the problematic aspects of accounting for non-financial tangible assets of Russian organizations. Conclusions and Relevance. The introduction of the new FSBU will help significantly bring the accounting for non-financial tangible assets to IFRS requirements. The introduction of the new FSBU does not eliminate all differences from IFRS requirements in accounting for and reporting of non-financial tangible assets of Russian organizations. Solving the problematic aspects of the introduction of regulations of the new FSBU will contribute to the prospects for further reform of the Russian accounting. The results obtained have both applied and theoretical applications in the field of financial accounting.

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An Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v9i1.934 ◽

2011 ◽

Vol 9 (1) ◽

Author(s):

Karen T. Cascini ◽

Alan DelFavero

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Fair Value ◽

The United States ◽

Financial Accounting ◽

Financial Assets ◽

Financial Accounting Standards Board ◽

Continuous Change ◽

Fair Value Accounting ◽

The Cost

The accounting industry is in a state of continuous change.  In the United States, the historical cost principle has traditionally been the foundation of accounting.  Until recently, assets and liabilities have been required to be recorded at their acquisition prices, with the exception of designated financial assets and financial liabilities.  However, the Financial Accounting Standards Board (FASB) has now created accounting standards that are distant from the cost principle.  Statement of Financial Accounting Standards No. 157: Fair Value Measurements, issued in September 2006 (FAS157, now codified as ASC 820) and Statement of Financial Accounting Standards No. 159: The Fair Value Option for Financial Assets and Financial Liabilities, created in February 2007 (FAS159, now ASC 825-10-25), significantly increases the viability of fair value accounting. The purpose of this paper is to illustrate the benefits and pitfalls of fair value and the corresponding affects on various stakeholders.

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Accounting and Auditing of Financial Derivatives

Cases on Business and Management in the MENA Region ◽

10.4018/978-1-60960-583-4.ch002 ◽

2011 ◽

pp. 10-26

Author(s):

Mohamed Hegazy ◽

Karim Hegazy

Keyword(s):

Capital Market ◽

Accounting Standards ◽

Financial Statements ◽

Financial Derivatives ◽

International Accounting ◽

Financial Assets ◽

International Accounting Standards ◽

The Public ◽

Audit Reports ◽

Single Set

The Egyptian Capital Market Authority (CMA) examined the company’s financial statements for the year ended on December 31, 2008, while the auditors’ reports forced the company’s management, despite the objection of two of the company’s auditors, to restate its financial statements at December 31, 2008, and modify its profit appropriation statement after their publication to shareholders and the public. The research presents the problems related to the application of the International Accounting Standards no 32 and 38 “Financial assets and Derivatives,” their Egyptian equivalents, and the Egyptian Standards on auditing no 700 and 702. Further, the research identifies the differences associated with auditors issuing contradictory audit reports for a company’s single set of financial statements.

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Financial Instruments Reflected by Organizations in Accordance with International Standards of Financial Accounting of Public Sector

Mediterranean Journal of Social Sciences ◽

10.5901/mjss.2015.v6n3s3p213 ◽

2015 ◽

Author(s):

Svetlana Vasilyevna Ponomareva ◽

Anna Sergeevna Melnikova

Keyword(s):

Public Sector ◽

International Standards ◽

Financial Accounting ◽

Financial Instruments

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Problems of Harmonizing Investment Property Accounting Аccording to Russian and International Standards

Accounting Analysis Auditing ◽

10.26794/2408-9303-2018-5-3-62-71 ◽

2018 ◽

Vol 5 (3) ◽

pp. 62-71 ◽

Cited By ~ 2

Author(s):

T. U. Druzhilovskaya ◽

E. S. Druzhilovskaya

Keyword(s):

Financial Reporting ◽

Critical Analysis ◽

Systems Approach ◽

Accounting Standards ◽

International Standards ◽

International Financial Reporting Standards ◽

Reporting Standards ◽

Normative Documents ◽

Financial Reporting Standards ◽

Regulatory Documents

The purpose of this article is to study the problems of convergence of investment property accounting in Russian and international financial reporting standards. The relevance of the question is due to the increasing role of such objects in the activities of Russian organizations. The research methodology includes the critical analysis of regulating modern investment property accounting in Russian and international financial reporting standards. This article uses such methods as analysis and synthesis, comparison, method of analogies, method of groupings, systems approach and logical approach. The study reveals discrepancies in the conceptual apparatus connected to investment property accounting; in various Russian regulatory documents; in interpretation of the notion of investment property in Russian GAAP and IFRS along with the differences in the investment property valuation methodology in Russian and international fi reporting standards.This article investigated the regulation of all Russian and International financial reporting standards subsystems. Russian accounting standards subsystems are the regulatory documents of organizations belonging to public and private sectors. The latter includes the normative documents of financial and nonfinancial organizations. When analyzing the regulatory documents on accounting in financial organizations the documents of credit and non-credit institutions were considered separately. As international standards subsystems were considered International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards for private sector. The authors give the critical analysis of the validity of the investment property accounting regulations in Russian and international financial reporting standards. The authors substantiate the prospects of the further convergence of the investment property accounting rules in Russian and international financial reporting standards.

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