FIXED ASSETS ACCOUNTING IN ACCORDANCE WITH THE NEW FEDERAL STANDARD FSBU 6/2020 «FIXED ASSETS»

Fixed Assets ◽

Federal Standard ◽

Value Measurement

The article examines the main changes in the accounting and tax accounting of fixed assets that have occurred in accordance with the adoption of the new Federal standard FSBU 6/2020 «Fixed Assets». The author compared the current PBU 6/01 «Accounting for fixed assets» with the mandatory for use from the reporting for 2022 FSBU 6/2020 «Fixed assets». The article contains comparative characteristics of regulatory documents and explanations on them. The new regulatory document introduces changes not only to such concepts as cost, depreciation, useful life, but also gives a new, significantly distinguis hable, concept of fixed assets, requirements for the recognition of assets as items of fixed assets. The comparisons made in the article can be useful for practical application. It is noted that the accounting of fixed assets has become closer to International financial reporting standards. For example, such a concept as «fair value» is introduced by FSBU 6/2020 in accordance with International Financial Reporting Standard (IFRS) 13 «Fair Value Measurement». The author concluded that the practical application of all the innovations in the accounting of fixed assets will facilitate the formation of financial statements in accordance with IFRS.

Вестник Тверского государственного университета. Серия: Экономика и управление ◽

PROCEDURES FOR PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

10.26456/2219-1453/2021.2.217-226 ◽

2021 ◽

pp. 217-226

Author(s):

Лэйля Камаровна Мусипова

Keyword(s):

Financial Reporting ◽

Financial Statements ◽

Reporting Standards ◽

Consolidated Financial Statements ◽

Reporting Standard ◽

Financial Reports ◽

Business Structures ◽

Performance Results

Помимо обычной финансовой отчетности некоторые предприятия Казахстана обязаны формировать и предоставлять консолидированную финансовую отчетность согласно требованиям международных стандартов финансовой отчетности. Статья посвящена особенностям составления и представления консолидированной отчетности в соответствии с международным стандартом финансовой отчетности 10 (IFRS) «Консолидированная финансовая отчетность». Целью исследования является рассмотреть понятие консолидированной отчетности, требования по ее составлению, порядок формирования и провести анализ потребность в составлении и представлении консолидированной финансовой отчетности. Наряду с этим представлена практика полной консолидации на условном примере с учетом требований международных стандартов финансовой отчетности, а также проблемы, с которыми сталкиваются представители бизнес-структур при формировании и представлении консолидированной финансовой отчетности. Научная новизна полученных результатов заключается в разработке приемов и методов составления и совершенствования консолидированной отчетности, которая позволит преодолеть сложности при формировании результатов деятельности за определенный отчетный период группы в целом. Along with the standard financial reports, some enterprises in Kazakhstan are required to form and submit consolidated financial reports in accordance with the requirements of international financial reporting standards. The article is devoted to the peculiarities of creating and presenting consolidated financial reports in accordance with International Financial Reporting Standard 10 (IFRS) «Consolidated Financial Reporting». The aim of the study is to examine the concept of consolidated financial statements, the requirements for its formation, and the analysis of the need for the preparation and presentation of consolidated financial statements. In addition, the practice of full consolidation was studied and presented on the example of all the consolidation requirements of IFRS 10 (IFRS) «Consolidated Financial Reporting», as well as various issues business structures deal with during the process of formation and presentation of consolidated financial statements. The scientific novelty of the results obtained is the development of techniques and methods for the preparation and improvement of consolidated reporting, which makes it possible to overcome the complexity of the formation of performance results for a certain reporting period of the group as a whole.

Fair Revaluation of Wine as an Investment

Journal of Wine Economics ◽

10.1017/jwe.2015.20 ◽

2015 ◽

Vol 10 (2) ◽

pp. 190-203 ◽

Cited By ~ 2

Author(s):

Fabian Y.R.P. Bocart ◽

Christian M. Hafner

Keyword(s):

Financial Reporting ◽

Quantitative Method ◽

Fair Value ◽

Related Issue ◽

Reporting Standard ◽

Market Participants ◽

Fair Valuation ◽

Value Measurement ◽

Jel Classifications

AbstractThe price of wine is a key topic among market participants interested in valuing their stock, including dealers and restaurants, and consumers who may be interested in optimizing their purchases. A closely related issue, revaluation is the need to regularly update the value of a stock. This need is especially acute in the growing industry of wine as an investment. In this case, fair-value measurement is compulsory by law. We briefly review methods available to funds and introduce a new quantitative method aimed at achieving compliance with IFRS (International Financial Reporting Standard) 13 for fair valuation. Using auction data on 26,640 lots, we apply this method to compute the current fair value of a basket of 232 different wines. (JEL Classifications: C14, C43, Z11)

Challenges in auditing fair value measurement and accounting estimates

Journal of Financial Reporting and Accounting ◽

10.1108/jfra-01-2019-0002 ◽

2020 ◽

Vol 18 (1) ◽

pp. 51-75

Author(s):

Babajide Oyewo ◽

Ebuka Emebinah ◽

Romeo Savage

Keyword(s):

Financial Reporting ◽

Reporting Quality ◽

Fair Value ◽

Reporting Standard ◽

Content Type ◽

Significant Difference ◽

Accounting Estimates ◽

Fair Value Measurement ◽

Value Measurement

Purpose Following the issuance of International Financial Reporting Standard 13 on fair value measurement (which became operational from January 2013), this study aims to investigate post-implementation challenges in the audit of fair value measurement and accounting estimates in the Nigerian context. Design/methodology/approach Data-collection was through a structured-questionnaire administered on 400 auditors from diverse backgrounds in terms of audit firm size, international affiliation and global presence. Findings Empirical data obtained from 277 auditors were analysed using descriptive statistics, factor analysis, one-way ANOVA, cluster analysis, independent sample t-test and one-way multivariate analysis of co-variance. It was observed that the two highest-ranking and most-prevalent challenges of auditing fair value measurement and accounting estimates are the tendency for managers to manipulate earnings owing to the inability of auditor to effectively test fair value estimates; and the difficulty in testing unobservable inputs due to the application of assumptions and judgement in arriving at estimates by preparers of financial reports. Originality/value While there is no significant difference in the perception of auditors on the audit challenges associated with fair value measurement and accounting estimates, there is a significant difference in the magnitude of audit challenges faced in verifying fair value measurements and accounting estimates across industry sectors. Concerned stakeholders (including but not limited to accounting regulators, auditing standard setters, audit firms, researchers) are importuned to come up with robust and pragmatic measures to curtain these challenges, as the inability of auditors to rigorously verify fair value estimates may jeopardize the very essence of fair value measurement which is to elevate financial reporting quality.

Diffi cult Issues of Equity Accounting

Auditor ◽

10.12737/1998-0701-2021-37-41 ◽

2021 ◽

Vol 7 (1) ◽

pp. 37-41

Author(s):

N. Mislavskaya

Keyword(s):

Financial Reporting ◽

Reporting System ◽

Professional Community ◽

Financial Statements ◽

Critical Assessment ◽

Theoretical Approaches ◽

Diffi Cult ◽

Fixed Assets ◽

Mandatory Use

The article, based on a retrospective analysis of theoretical approaches to the concept of capital, examines the legality of its reflection in the accounting (financial) reporting system. The dilemma of an organization's choice of an accounting policy for the revaluation of fixed assets or the mandatory use of it, discussed today in the professional community, justifies the democratic approach used in international financial reporting standards in the author's reading. Critical assessment refers to the methodology for reflecting the revaluation results on accounting sets and in the forms of accounting (financial) statements.

Implementation of Federal Accounting Standards – Capital Investments and Fixed Assets – in the internal rules of accounting for fixed assets

International Accounting ◽

10.24891/ia.24.10.1188 ◽

2021 ◽

Vol 22 (10) ◽

pp. 1188-1204

Author(s):

Ol’ga M. KUPRYUSHINA ◽

Rimma R. RAKHMATULINA

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Accounting ◽

International Financial Reporting Standards ◽

Capital Investments ◽

Reporting Standards ◽

Fixed Assets ◽

Federal Standard ◽

Commercial Organizations

Subject. This article discusses the issues related to the reflection of capital investments and fixed assets in the accounting (financial) statements of economic entities during the transition to the new domestic (Russian) accounting standards – Fixed Assets and Capital Investments. Objectives. The article aims to reveal the consequences of changes in the current practice of accounting for fixed assets and capital investments in the internal rules of commercial organizations. Methods. For the study, we used the methods of generalization, comparison, primary observation, cost measurement, and grouping. Federal Accounting Standards and International Financial Reporting Standards were the basis for methodological justification of changes in the accounting practice of transactions with fixed assets and capital investments. Results. We offer certain records to reflect information on capital investments in the transition to the new Federal Standard – Capital Investments in accounts. We also offer a procedure for classifying low-value fixed assets in the inter-reporting period and a correspondence of accounts reflecting impairment loss on fixed assets. Conclusions and Relevance. The procedure for convergence of domestic accounting standards with International Financial Reporting Standards necessitates the introduction of significant changes in the process of reflecting transactions with fixed assets and capital investments. The modified procedure for reflecting records for accounting for capital investments, low-value fixed assets, losses from impairment of fixed assets in the intra-company rules for accounting for economic entities becomes relevant. The results of the study can be used when accounting for transactions with fixed assets and capital investments of commercial organizations in the practice of financial accounting.

Post-implementation challenges of fair value measurement (IFRS 13): some empirical evidence

African Journal of Economic and Management Studies ◽

10.1108/ajems-05-2019-0183 ◽

2020 ◽

Vol 11 (4) ◽

pp. 587-607

Author(s):

Babajide Oyewo

Keyword(s):

Financial Reporting ◽

Market Price ◽

Fair Value ◽

Economic Benefits ◽

Reporting Standard ◽

Financial Reports ◽

Content Type ◽

Audit Firm ◽

Implementation Challenges

PurposeConsequent on the widespread of fair value (FV) accounting with the coming into effect of International Financial Reporting Standard (IFRS) 13, this study investigated the post-implementation challenges of FV measurement from the perspective of auditors in Nigeria.Design/methodology/approachData collection was through a structured-questionnaire administered on auditors from diverse audit firm backgrounds in terms of size, international affiliation and global presence. Statistical techniques such as cluster analysis, factor analysis and ANOVA were applied to analyse data obtained from 277 respondents.FindingsIt was observed that the severest challenge of FV measurement bothers on the paucity of information for valuation of items. The magnitude of the challenges of applying FV measurement in various industry sectors appears similar. Although audit firm attributes affect perception on the challenges, there is concurrence among auditors that manipulation of values of assets/liabilities with no market price during estimation, leveraging on non-availability of market information on assets/liabilities by managers to manipulate financial statements, inappropriateness/non-compliance of valuation methods with IFRS 13, and low level of awareness among preparers of financial reports are notable post-implementation challenges of FV measurement.Practical implicationsConsidering that the adoption of IFRS 13 impliedly places responsibilities on countries applying the standard to develop institutional structures that facilitate the valuation of items using FV measurement, it seems the establishment of such apparatus may be a sine qua non for fully realising the socio-economic benefits of applying FV accounting.Originality/valueThe study contributes to knowledge by exposing the practical challenges of FV measurement and accounting estimates typical of a developing country that has fully implemented international accounting standards. Moreover, findings from this study could be compared with the result of investigations conducted in other jurisdictions to gain a deeper and wider insight into the challenges of FV measurement with a view to proffering solutions to the post-implementation challenges of IFRS 13.

CASE STUDY OF THE ORIGIN AND THE EVOLUTION OF ACCOUNTING SYSTEMS REGARDING TO THE HARMONIZATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN JORDAN AND ROMANIA

The Annals of the University of Oradea. Economic Sciences ◽

10.47535/1991auoes30(1)016 ◽

2021 ◽

Vol 30 (30 (1)) ◽

pp. 156-163

Author(s):

Omar Alhato ◽

Alexandra Botos

Keyword(s):

Middle East ◽

Financial Reporting ◽

International Financial Reporting Standards ◽

Reporting Standards ◽

The European Union ◽

Reporting Standard ◽

Accounting Systems ◽

Middle East Countries

It is valuable to take note that the majority of financial reporting pundits are in agreement that the financial reporting system of a country depends on several factors that include the legal, economic, and cultural background; The development of tasks performed by accounting is persistently inspired by needs of practice. It is clear of that accounting schemes play an essential role in the market economy, particularly in face of globalization of capital markets, where increasing need for comparable, transparent financial statements for the companies. Rather, it is proposed to present information that is used in making reasoned options amongst alternative uses of limited resources in the conduct of business and economic activities. The present paper discusses the possibilities to improve the accounting policies and procedures in Jordan and other Middle East countries in accordance with commitment of the International Financial Reporting Standards (IFRS). Throughout this study we used a qualitative approach, to outline an overview of the history of financial reporting and its evolution from the origin, to the growth and development of accounting systems by studying a considerable amount of bibliographic material, using different textbooks and journals on accounting theories but also public information presented by the accounting organisations and the government of the two analysed countries. Furthermore, the paper reviewed the achievements made in the convergence of International Financial Reporting Standards (IFRS), in the Middle East countries, in Jordanian context and in the European Union, specifically the case of Romania. International financial reporting standard (IFRS) implementation in Jordan has departed through several transitional phases wile in our previous work we noticed that Romania can be considered a benchmark of high degree convergence to IFRS.

El modelo de valor razonable: La aproximación de las cifras contables a los valores de mercado (The fair value model: The aproach of the accounting figures to the market values)

TEC Empresarial ◽

10.18845/te.v8i3.2079 ◽

2014 ◽

Vol 8 (3) ◽

pp. 41

Author(s):

Eduardo Sosa Mora

Keyword(s):

Financial Reporting ◽

Theory Of The Firm ◽

Financial Statements ◽

Fair Value ◽

Reporting Standards ◽

Market Prices ◽

Market Values ◽

Future Events ◽

Value Model

Desde hace muchos años, en el ámbito académico y en el profesional de la contabilidad, se debate acerca de la importancia de que los estados financieros presenten los activos y pasivos de acuerdo con sus valores de mercado, con el fin de lograr una mejor aproximación a los valores económicos de las empresas. Esto ha propiciado que, en las Normas Internacionales de Información Financiera (NIIF), haya adquirido relevancia el modelo del valor razonable, según el cual los activos y pasivos se miden por sus valores de mercado. La adopción de este modelo significa la instrumentación de la teoría del valor de la empresa y una mayor aproximación de la contabilidad a la teoría de las finanzas, cuyos beneficios deben sopesarse con los riesgos asociados a la obtención de cifras contables a partir de precios de mercado y de supuestos acerca de eventos esperados en el futuro. Este artículo expone los alcances de la adopción de ese modelo en el esfuerzo por lograr que los estados financieros representen fielmente las realidades económicas de las empresas. Abstract Since many years ago in the Accounting academic and professional circles there is a debate about the importance that the financial statements represent the assets and liabilities according with their market values, in order to get a better approximation to the economic values of the enterprises. Because of this the fair value model has gained relevance in the International Financial Reporting Standards (IFRS). According with this model, the assets and liabilities are measured by their market values. The adoption of this model means the implementation of the theory of the firm and a greater approximation the Accounting to the Financial Theory, whose benefits must be weighted with the risks of getting accounting figures by using market prices and assumptions about future events. This paper expounds the scopes of adopting this model in the effort to assure that the financial statements represent faithfully the economic realities of the enterprises.

Dampak Implementasi International Financial Reporting Standard Pada Penyajian Other Comprehensive Income Perusahaan Perdagangan, Jasa, dan Investasi di Indonesia

Jurnal Riset Akuntansi & Perpajakan (JRAP) ◽

10.35838/jrap.2018.005.01.2 ◽

2018 ◽

Vol 5 (01) ◽

pp. 14-25

Author(s):

Denny Rianto ◽

Nurmala Ahmar

Keyword(s):

Financial Reporting ◽

Joint Venture ◽

Foreign Currency ◽

Fair Value ◽

Future Research ◽

Defined Benefit ◽

Reporting Standard ◽

Comprehensive Income ◽

Other Comprehensive Income

ABSTRACT The purpose of this study is to analyze the presentation of other comprehensive income and its components in the trade, service and investment industries after the implementation of the International Financial Reporting Standard in Indonesia. The sample is the trade, service and investment industry sectors listed in Indonesia Stock Exchange 2012-2015. Other Comprehensive Income (OCI) shall be presented separately in the statements of income since 2013 and re-review for 2012 on the reporting of the relevant year. The components presented include asset revaluation, translation of foreign currency financial statements to reporting currency, actuarial changes in defined benefit obligations, changes in fair value in available-for-sale investments, fair value changes to current, joint and joint venture hedges. The result of the research shows that there is difference of presentation value of other comprehensive comprehensive component. Future research can examine the antecedents and consequent accounts of OCI components in public companies in Indonesia. ABSTRAK Tujuan penelitian ini adalah menganalisis penyajian other comprehensive income dan komponennya pada industri perdagangan, jasa, dan investasi pasca penerapan International Financial Reporting Standard di Indonesia. Sampel adalah sektor industri perdagangan, jasa, dan investasi yang terdaftar di Bursa Efek Indonesia tahun 2012-2015. Other Comprehensive Income (OCI) wajib disajikan secara terpisah pada laporan laba rugi sejak tahun 2013 dan saji ulang untuk tahun 2012 pada pelaporan tahun yang besangkutan. Komponen yang disajikan mencakup revaluasi aset, penjabaran laporan keuangan mata uang asing ke mata uang pelaporan, perubahan aktuarial dalam imbalan kerja manfaat pasti, perubahan nilai wajar dalam investasi yang tersedia untuk dijual, perubahan nilai wajar terhadap lindung nilai arus, asosiasi dan ventura bersama. Hasil penelitian menunjukkan terdapat perbedaan nilai penyajian komponen other comprehensive income. Riset mendatang dapat meneliti anteseden dan konsekuen akun komponen OCI pada perusahaan public di Indonesia. JEL Classification: M41, M48

International Financial Reporting Standards and Value Relevance of Accounting Information: A Mult-Institutional Perspectives from Nigeria Quoted Firms

International Journal of Accounting & Finance Review ◽

10.46281/ijafr.v2i2.25 ◽

2018 ◽

Vol 2 (2) ◽

pp. 1-14

Author(s):

Davies Stanley Diepiriye

Keyword(s):

Financial Reporting ◽

Oil And Gas ◽

Value Relevance ◽

Accounting Information ◽

International Financial Reporting Standards ◽

Reporting Standards ◽

Reporting Standard ◽

Oil And Gas Firms

This study examined the effect of International Financial Reporting Standards on value relevance of accounting information of quoted firms in Nigeria. The objective is to examine if International Financial Reporting Standards affect value relevance of accounting information. The study focus on the commercial banks, manufacturing firms, insurance, government agencies and the oil and gas firms, questionnaires were structured and administered to accountants and finance managers. The data analyses adopted was the simple percentages and correlation coefficient. The results found a coefficient of 85.1 %, R2 and adjusted R2 of 60.3% and 51.4 %. We conclude that there is significant relationship between International Financial Reporting Standard and value relevance of accounting information of quoted firms in Nigeria. We therefore recommend full compliance to the International Financial Reporting Standard, audit firms should adopt fully the International Financial Reporting Standard and Nigerian accounting bodies such as Institute of Chartered Accountants of Nigeria and Association of National Accountants of Nigeria should endeavor to encourage the auditing firms on the relevance of adopting International Financial Reporting Standard.