Questions of practical application of the SGC “Fixed assets”

2020 ◽  
pp. 15-23
Author(s):  
Elena Lukinova
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
International Standards ◽  
Financial Assets ◽  
Practical Application ◽  
Accounting Regulation ◽  
Fixed Assets ◽  
Public Sector Organizations ◽  
The Russian Federation ◽  
Ministry Of Finance

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.

Initial measurement of property, plant and equipment in the new Federal Accounting Standards for non-public sector organizations

2021 ◽  
pp. 27-34
Author(s):  
Emilia Sergeevna Druzhilovskaya
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
Capital Investments ◽  
Healthcare Organizations ◽  
Fixed Assets ◽  
Public Sector Organizations ◽  
The Russian Federation ◽  
Ministry Of Finance ◽  
Methodological Guidelines ◽  
Initial Measurement

This article analyzes the regulations for the initial measurement of property, plant and equipment in the recently approved by the Ministry of Finance of the Russian Federation Federal Accounting Standards (FAS) of non-public sector organizations, including healthcare organizations in this sector. These standards are FAS 6/2020 “Property, plant and equipment” and FAS 26/2020 “Capital investments”. These standards come into force in 2022 and replace PA 6/01 and Methodological Guidelines for Accounting for Fixed Assets. The article analyzes the most significant innovations of these FASs in relation to the initial measurement of property, plant and equipment in the accounting of non-public sector organizations (including healthcare organizations), identifies the main problematic issues in this area and presents proposals for their solution.

Accounting for amortized items of fixed assets after modernization

2020 ◽  
pp. 7-13
Author(s):  
Elena Nikolaevna Dombrovskaya
Keyword(s):  
Public Sector ◽  
Regulatory Framework ◽  
Fixed Assets ◽  
Public Sector Organizations ◽  
Ministry Of Finance ◽  
Commercial Organizations ◽  
Tax Accounting

The article discusses the features of accounting and tax accounting of fully amortized fixed assets after modernization. Based on the analysis of the current regulatory framework, the procedure for accounting for modernization costs, as well as features of calculating depreciation amounts for these objects, is considered. The specifics of accounting for self-classified objects are considered in relation to commercial organizations and public sector organizations. The taxation mechanism is presented taking into account the current regulatory framework, explanations contained in the letters of the Ministry of Finance, including the letter of the Ministry of Finance dated 13.07.2020 no. 03–03–06/1/60600.

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
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.

Assessment of changes in the application of the accounting regulation pbu 18/02 “Аccounting for income tax calculations” since 2020

2020 ◽  
pp. 10-24
Author(s):  
Irina Selezneva ◽  
Irina Selezneva ◽  
Elena Shlyapnikova
Keyword(s):  
Income Tax ◽  
Financial Statements ◽  
Accounting Data ◽  
Current Income ◽  
Accounting Regulation ◽  
New Concepts ◽  
Net Profit ◽  
The Russian Federation ◽  
Ministry Of Finance ◽  
Tax Payers

The article assesses the changes made by the Order of the Ministry of Finance of the Russian Federation dated 20.11.2018 No. 236n v PBU 18/02 “Accounting for settlements with the budget for income tax”. The application of the new norms of PBU 18/02 is mandatory for corporate income tax payers with accounting (financial) statements for 2020. The essence of the problem is that the updated PBU 18/02 contains new concepts, new calculations of indicators necessary for reflection in accounting and accounting (financial) statements. The article consists of six parts, beginning with an introduction and ending with conclusions. The introduction substantiates the relevance of the study. At the beginning of the article, the purpose and objectives of the research are defined, as well as the materials, methods and conditions for conducting the research. The results of the study and their discussion are presented below. In the article, the authors highlight the problem of transition from the previously existing norms of PBU 18/02 to the new norms applied from 2020. The main part compares the concepts and indicators used in 2019 and 2020 in accordance with the requirements of PBU 18/02. The article also addresses the issues of evaluating work in progress in accordance with the requirements of regulatory legal acts in the field of accounting and taxation. The procedure for applying the norms of PBU 18/02 is shown on a specific example and the calculation procedures made that justify the occurrence of temporary differences that lead to the recognition of deferred income tax, as well as conditional income tax expense and current income tax on the accounting accounts. For clarity and comparison, the indicators for the application of PBU 18/02 in 2019 and 2020 are presented in the tables. In addition, the tables show the schemes of accounting transactions for accounting calculations with the budget for income tax in two ways to determine the current income tax: based on accounting data and based on tax Declaration data. Having considered a specific example of the procedure for applying the norms of PBU 18/02 in the version up to 2020 and in the current version from 2020, the authors conclude that changes in the procedure for identifying temporary differences do not mean a change in their value and the value of net profit

Taxation Issues for Digital Financial Assets

2021 ◽  
pp. 089443932110039
Author(s):  
Viktor Shestak ◽  
Alla Kiseleva ◽  
Yuriy Kolesnikov
Keyword(s):  
Russian Federation ◽  
Income Tax ◽  
Legal Regulation ◽  
Capital Gains ◽  
International Standards ◽  
Financial Assets ◽  
State Budget ◽  
The Russian Federation ◽  
Digital Assets ◽  
Tax Accounting

The objective of the study is to determine the status of a digital financial asset and the features of its taxation in the Russian Federation and progressive countries. Currently, there are three main taxation models that are used in this area: income tax, corporate income tax, and capital gains tax. The article explores the prospects for introducing the experience of foreign countries in the Russian Federation. The possible changes that may occur in tax regulation are analyzed. The experience of leading countries in the field of legal regulation of the use of digital financial assets and the taxation of cryptocurrency transactions is analyzed. Such an analysis will allow Russia to keep pace with countries with a leading economy and at the same time increase state budget revenue through taxation of cryptocurrency transactions. The study provides an analysis of the conceptual scenarios of digital income taxation and objects of taxation in the process of cryptocurrency creation. The study critically assesses possible options for applying international standards for tax accounting of digital assets. Groups of problematic issues that arise in the tax accounting of digital assets are developed. The prospect of further research is the development of tax accounting methods for each of the established entities for the creation and circulation of digital financial assets in accordance with accounting objects.

Subsequent measurement of property, plant and equipment in the new Federal Accounting Standard for non-public sector organizations

2021 ◽  
pp. 21-30
Author(s):  
Emilia Sergeevna Druzhilovskaya
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
Previous Article ◽  
Healthcare Organizations ◽  
Accounting Standard ◽  
Public Sector Organizations ◽  
Subsequent Measurement ◽  
Initial Measurement

In the previous article, we examined the rules for the initial measurement of property, plant and equipment established by the new Federal Accounting Standards (FAS) for non-public sector organizations, including healthcare organizations. This article analyzes the regulations for the subsequent measurement of these assets contained in the new FAS 6/2020 “Property, plant and equipment” and coming into force from 2022. At the same time, the article examines the most important innovations of this FAS in the field of subsequent measurement of property, plant and equipment in the accounting of non-public sector organizations (including healthcare organizations), identifies problematic issues in this area and provides recommendations for their solution.

Cancellation of the limit on the value of fixed assets: reflect retrospectively and prospectively

2021 ◽  
pp. 38-55
Author(s):  
L.V. Sotnikova
Keyword(s):  
Russian Federation ◽  
Current Period ◽  
Fixed Assets ◽  
The Russian Federation ◽  
Ministry Of Finance ◽  
The Right ◽  
Commercial Organizations ◽  
Accounting Procedure

A single limit on the value of fixed assets for all commercial organizations, equal to forty thousand rubles and existed in accordance with the Order of the Ministry of Finance of the Russian Federation of December 24, 2010 № 186n in PBU 6/01 “Accounting for fixed assets” from January 1, 2011 in the new standard — FSBU 6/2020 “Property, plant and equipment” does not apply. Organizations themselves can determine such limits for their organizations, above which they will consider objects as fixed assets, and below which they will write off to expenses of the current period. The regulator also granted the reporting entities the right to switch to the new accounting procedure voluntarily from January 1, 2021, or, already on a mandatory basis, from January 1, 2022. The article examines, using an example, a retrospective and prospective transition to new individual limits for fixed assets from January 1, 2021.

Accounting and tax accounting of antiviral measures costs

2020 ◽  
pp. 9-17
Author(s):  
Elena Nikolaevna Dombrovskaya
Keyword(s):  
Public Sector ◽  
Regulatory Framework ◽  
Public Sector Organizations ◽  
Ministry Of Finance ◽  
Special Relevance ◽  
Tax Accounting

The article discusses the peculiarities of accounting and tax accounting for the costs of implementing antiviral measures. The perspective of article differs in special relevance in the conditions of COVID‑19 pandemic. Based on the review of the existing regulatory framework, the procedure for organizing and documenting these costs was considered. Peculiarities of accounting of antiviral measures costs are considered for commercial and public sector organizations. The tax mechanism is presented taking into account the current regulatory framework, explanations contained in letters from the Ministry of Finance and other departments.

scholarly journals Open Debate on Accounting for the European Public Sector

2017 ◽  
Vol 7 (2) ◽  
pp. 161-163
Author(s):  
Imke Graeff
Keyword(s):  
Public Sector ◽  
International Workshop ◽  
Accounting Standards ◽  
European Parliament ◽  
Accounting Regulation ◽  
European Public ◽  
Public Sector Accounting ◽  
Open Debate

Abstract This article contains the proceedings of the open debate that followed the plenary panel on ‘Accounting for the European Public Sector: The Ongoing Reform of European Public Sector Accounting Standards’ at the international workshop on ‘Which accounting regulation for Europe’s economy and society?’ organised under the auspices of the European Parliament in Strasbourg, on 20 May 2015.

Some Questions of Introduction of Federal Financial Accounting Standards in Russian Public Sector

Auditor ◽  
2017 ◽  
Vol 3 (9) ◽  
pp. 3-10
Author(s):  
Е. Смирнов ◽  
E. Smirnov
Keyword(s):  
Public Sector ◽  
Russian Federation ◽  
Asset Management ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
The Russian Federation

Efficiency of asset management highly depends on reliability, completeness and timeliness of information about the items of accounting, received by preparers of financial statements. In this article, some matters of assets initial recognition and subsequent accounting are analysed in their connection with peculiarities of registry accounting of state property items in the Russian Federation public sector.

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