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

2021 ◽  
Vol 22 (7) ◽  
pp. 740-760
Author(s):  
Tat'yana Yu. DRUZHILOVSKAYA

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.

2020 ◽  
Vol 23 (6) ◽  
pp. 604-626
Author(s):  
T.Yu. Druzhilovskaya ◽  
N.A. Dobrolyubov

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.


Author(s):  
Elena Lukinova

The law “on accounting” includes The Federal accounting standards (hereinafter referred to as the FAS), which must be developed on the basis of international standards, as part of the basic documents in the field of accounting regulation that are mandatory for application. FAS for public sector organizations (hereinafter referred to as SGC).the Ministry of Finance of the Russian Federation develops accounting standards in accordance with the Program for developing Federal accounting standards for public sector organizations. Since 01.01.2018, five of the 29 originally planned SGC have been applied in practice, including the SGC “Fixed assets”. This article discusses the difficulties caused by the first application of the SGC “Fixed assets” and how to solve them in the practice of accounting for non-financial assets by public sector organizations.


2018 ◽  
Vol 6 ◽  
pp. 277-281
Author(s):  
Elda Kuka

Public sector organizations are in the early stages of adopting information security management in Albania. Organizations who have adopted these processes have underestimated information security within the governance framework. This study specifically investigates the information security management within public sector organizations. Its objective is to align local organizations with international standards and frameworks in terms of integrating information security management and information technology audits, risks, and control measures. A survey of selected organizations is completed and results are presented in this paper identifying the maturity level of information security management in Albanian organizations.


2021 ◽  
Vol 22 (1) ◽  
pp. 48-71
Author(s):  
Tat'yana Yu. DRUZHILOVSKAYA

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.


2008 ◽  
Vol 15 (6) ◽  
pp. 723-741 ◽  
Author(s):  
Bjørn Andersen ◽  
Bjørnar Henriksen ◽  
Ingrid Spjelkavik

PurposeThe purpose of this paper is to explore the range of benchmarking applications that can be used in a principal‐agent relationship setting often found in the public sector.Design/methodology/approachCollection and critical analysis of secondary data from relevant publications addressing applications of benchmarking in the public sector. Extraction of knowledge from several research projects where the authors have been involved in studying and developing benchmarking approaches for different public sector organizations. Induction of new theory about the use of benchmarking in principal‐agent relationships in the public sector, grounded through empirical evidence from case studies.FindingsA number of new approaches to benchmarking in the public sector have been identified and described, some of which are already used in real life cases, others which need further development before being implemented. All of these can introduce benefits to both principals and agents involved in such benchmarking efforts.Research limitations/implicationsThe paper explores benchmarking applications that are almost exclusively relevant in a public sector setting, although some of them might be adapted to certain private sector conditions.Originality/valueWhereas most work on benchmarking in the public sector tend to view only improvement‐oriented, voluntary benchmarking as relevant and useful, this paper demonstrates how many different imposed benchmarking schemes with other purposes can be useful.


2020 ◽  
Vol 71 ◽  
pp. 404-437
Author(s):  
James Batista Vieira ◽  
Amanda Batista Araújo

This paper describes the current stage of the development of the ministries’ risk management systems, considering the demands and orientations given by the Joint Normative Instruction MP/CGU n. 01/2016 and the Public Governance Decree (Decree n. 9.203, of November 22, 2017, altered by the Decree n. 9.901, of July 8, 2019). With the intention of identifying how each ministry has been managing the risks that aim at ensuring that the goals of the public policies and the strengthening of their own governance structures will be met, this research formulated indicators that allow cases to be described, based on the recommendations of national and international standards of governance and risk management. The results show that Brazilian ministerial risk management is still incipient, due to the fragile institutionalization associated with political-administrative instability. There is still a need for institutionalizing a culture of risk management and mainly, adopting a long-term perspective in the public sector organizations so that consistent risk management systems can be effectively implemented.


2014 ◽  
Vol 8 (3) ◽  
Author(s):  
Yusni Husain ◽  
Jullie J. Sondakh ◽  
Heince Wokas

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.


2020 ◽  
pp. 38-44
Author(s):  
Svetlana Kozmenkova

The article examines the concept of “fair value” when applying international and national financial reporting standards, including public sector organizations. And although the assessment at fair value is used only in certain cases, for example, when receiving property free of charge, drawing up reports in accordance with the requirements of international standards, and this is justified, however, the subsequent assessment of assets can be subjective and have a significant impact on economic security, as a separate organization and the country as a whole.


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