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

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

International Accounting ◽

10.24891/ia.23.6.604 ◽

2020 ◽

Vol 23 (6) ◽

pp. 604-626

Author(s):

T.Yu. Druzhilovskaya ◽

N.A. Dobrolyubov

Keyword(s):

Critical Analysis ◽

Scientific Literature ◽

Accounting Standards ◽

Financial Derivatives ◽

Regulatory Framework ◽

International Standards ◽

Financial Accounting ◽

Financial Assets ◽

Financial Instruments ◽

Methodological Approaches

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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THE FORMATION OF FINANCIAL ACCOUNTING OF BUDGETARY INSTITUTIONS IN THE BUDGET ACCOUNTING MODERNIZATION

International Journal of New Economics and Social Sciences ◽

10.5604/01.3001.0010.4725 ◽

2015 ◽

Vol 2 (2) ◽

pp. 59-65

Author(s):

Olena Doroshenko

Keyword(s):

Public Sector ◽

International Standards ◽

Financial Accounting ◽

Public Sector Management ◽

Budgetary Institutions

The article devoted to the issues of formation of the subsystem of financial accounting in budgetary institutions of Ukraine in the new contemporary conditions modernization of public sector management. The author examines the preconditions for budget accounting modernization in the context of to approaching to international standards.

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Risk Management and Prevention for Financial Instruments Based International Standards of Financial Reporting IAS 32 and IAS 39

SSRN Electronic Journal ◽

10.2139/ssrn.1324848 ◽

2009 ◽

Author(s):

Veronica Grosu ◽

Ionel Bostan

Keyword(s):

Risk Management ◽

Financial Reporting ◽

International Standards ◽

Financial Instruments ◽

Ias 39

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A Transformation Strategy for Financial Instruments according to the Requirements of International Standards

Indian Journal of Science and Technology ◽

10.17485/ijst/2016/v9i46/107569 ◽

2016 ◽

Vol 9 (46) ◽

Author(s):

Svetlana Vasil’evna Ponomareva ◽

Anna Sergeevna Mel’nikova

Keyword(s):

International Standards ◽

Financial Instruments ◽

Transformation Strategy

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The surveillance of a supreme audit institution on related party transactions

Journal of Public Budgeting Accounting & Financial Management ◽

10.1108/jpbafm-12-2019-0181 ◽

2020 ◽

Vol 32 (4) ◽

pp. 577-603

Author(s):

Gustavo Cesário ◽

Ricardo Lopes Cardoso ◽

Renato Santos Aranha

Keyword(s):

Public Sector ◽

Latent Dirichlet Allocation ◽

Topic Model ◽

Conflicts Of Interest ◽

International Standards ◽

Content Type ◽

Related Party Transactions ◽

The Public ◽

Audit Reports ◽

Dirichlet Allocation

PurposeThis paper aims to analyse how the supreme audit institution (SAI) monitors related party transactions (RPTs) in the Brazilian public sector. It considers definitions and disclosure policies of RPTs by international accounting and auditing standards and their evolution since 1980.Design/methodology/approachBased on archival research on international standards and using an interpretive approach, the authors investigated definitions and disclosure policies. Using a topic model based on latent Dirichlet allocation, the authors performed a content analysis on over 59,000 SAI decisions to assess how the SAI monitors RPTs.FindingsThe SAI investigates nepotism (a kind of RPT) and conflicts of interest up to eight times more frequently than related parties. Brazilian laws prevent nepotism and conflicts of interest, but not RPTs in general. Indeed, Brazilian public-sector accounting standards have not converged towards IPSAS 20, and ISSAI 1550 does not adjust auditing procedures to suit the public sector.Research limitations/implicationsThe SAI follows a legalistic auditing approach, indicating a need for regulation of related public-sector parties to improve surveillance. In addition to Brazil, other code law countries might face similar circumstances.Originality/valuePublic-sector RPTs are an under-investigated field, calling for attention by academics and standard-setters. Text mining and latent Dirichlet allocation, while mature techniques, are underexplored in accounting and auditing studies. Additionally, the Python script created to analyse the audit reports is available at Mendeley Data and may be used to perform similar analyses with minor adaptations.

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

Auditor ◽

10.12737/article_59bf893e13ff85.76506576 ◽

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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The Possibility of Applying the Basic Principles of Financial Control in Accordance with the Requirements of ISSAI 200 of the International Standards of the Supreme Audit Institutions (INTOSAI) and its Impact on Internal Control in the Public Sector

Modern Applied Science ◽

10.5539/mas.v12n11p396 ◽

2018 ◽

Vol 12 (11) ◽

pp. 396

Author(s):

Omar Mohammad Al-Hawatmeh

Keyword(s):

Public Sector ◽

Internal Control ◽

Training And Development ◽

Arithmetic Mean ◽

International Standards ◽

Financial Control ◽

Basic Principles ◽

The Public ◽

Internal Control System ◽

Practical Progress

The study aimed to clarifying the possibility of applying the basic principles of financial control in accordance with the requirements of ISSAI 200 of the international standards of the Supreme Audit Institutions (INTOSAI) and its impact on the internal control in the public sector in addition to identifying the obstacles that limit the application of the basic principles of financial control according to the requirements of the standard ISSAI 200 of the International Standards of the Supreme Audit Institutions (INTOSAI), and its impact on internal control in the public sector, In order to achieve the objectives of the study and the testing of hypotheses, the researcher designed a questionnaire.This questionnaire was distributed to managers and employees in the internal control of the administrative government units, and (80) were recovered with an adoption rate of 80%for the statistical analysis purposes. The results showed that the application of the basic principles of financial control in accordance with the requirements of ISSAI 200 of the international standards of the Supreme Audit Institutions (INTOSAI) and its impact on internal control in the public sector in general was high With an arithmetic mean of (4.266) and a standard deviation (0.887) The researcher attributes this result to what has been done in accordance with the laws, regulations, financial and accounting regulations prescribed for the financial control operations. It is in line with the standards assigned to it by the international standards of the Supreme Audit Institutions (INTOSAI). The obstacles that limit the application of the basic principles of financial control in general moderately came with an arithmetic mean of (3.417) and of (1.118). The researcher attributed this result to the existence of some obstacles, the most important of which is non-specialization and noncompliance with the development of the regulations and instructions with the international standards of the Supreme Audit Institutions. Finance and Accounting (INTOSAI) and others as stated in the results of the study. Based on the results of the study, the researcher recommended the need for attention employment staff  and work to keep pace with the development and modernization of international standards of Supreme Financial Control and Accounting INTOSAI internal control system in terms of training and development and keep up with scientific and practical progress need to emphasize the re-drafting of some legislation and instructions for some of the financial aspects and the need for harmonization and cooperation Continuous and continuous between the legislators and the applicable bodies of the standards to reach a consensus and appropriate in some of the minor or fundamental differences between the law and the standard and other Recommendations.

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Internal audit in the public sector – comparative study between the Nordic countries: The development of internal auditing within the public sector in the Nordic countries

Icelandic Review of Politics & Administration ◽

10.13177/irpa.a.2018.14.2.2 ◽

2018 ◽

Vol 14 (2) ◽

pp. 19-44

Author(s):

Anna Margrét Jóhannesdóttir ◽

Stina Nielsson Kristiansson ◽

Niina Sipiläinen ◽

Riikka Koivunen

Keyword(s):

Public Sector ◽

Comparative Study ◽

Internal Audit ◽

Nordic Countries ◽

International Standards ◽

Current Status ◽

Internal Auditing ◽

The Public ◽

The Status ◽

Further Development

The subject of this paper is a comparative study about the current status of internal audit within the public sector in the Nordic countries. The aim is to understand the basis and recognize trends in the development of internal audit in the public sector in these countries. The status of internal audit within each country, Denmark, Finland, Iceland, Norway and Sweden, is presented and also the regulatory basis, laws and regulations, for internal audit and the main challenges that internal auditing faces. Finally, the opportunities for further development of internal audit in the public sector are addressed. The International Standards for Internal Auditing are well recognized and in use in all the countries. There are differences between these countries in their approach of the regulatory framework for internal audit and the arrangement of the operation of internal audit units. Therefore, further development of internal auditing should be pursued in cooperation and to harmonize the regulatory bases in these countries and to learn from each other when implementing internal audit in the public sector.

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Perkembangan Penelitian Akuntansi Sektor Publik di Indonesia

Assets Jurnal Akuntansi dan Pendidikan ◽

10.25273/jap.v8i2.4647 ◽

2019 ◽

Vol 8 (2) ◽

pp. 94

Author(s):

Harumi Puspa Rizky ◽

Doddy Setiawan

Keyword(s):

Public Sector ◽

Financial Reporting ◽

Local Governments ◽

Quantitative Methods ◽

Financial Accounting ◽

Research Topics ◽

The Public ◽

Accounting Research ◽

Field Samples ◽

Public Sector Accounting

ABSTRAKPenelitian ini bertujuan untuk memberikan gambaran terkait perkembangan penelitian akuntansi sektor publik di Indonesia. Metode yang digunakan dalam penelitian ini adalah charting the field. Sampel yang diambil berasal dari 22 jurnal terakreditasi di Indonesia dan diperoleh 137 artikel selama tahun 2010-2018. Penelitian ini mengklasifikasikan artikel berdasarkan topik dan metode penelitian. Hasil penelitian ini menunjukkan bahwa topik yang paling banyak digunakan dalam penelitian akuntansi sektor publik adalah topik mengenai akuntansi keuangan dan untuk model yang sering digunakan adalah metode kuantitatif dan juga metode survei serta archival. Topik akuntansi keuangan pada sektor publik menjadi topik terbanyak yang diteliti dikarenakan akuntansi pada sektor publik masih menjadi perhatian khusus dan masih banyak pemerintah daerah yang terkendala pelaporan keuangan. Sementara itu dari topik penelitian yang paling sedikit dilakukan dari tujuh kategori adalah topik mengenai perpajakan dan sistem akuntansi.ABSTRACTThis study aims to provide an overview of the development of public sector accounting research in Indonesia. The method used in this research is charting the field. Samples taken came from 22 accredited journals of Indonesia and 137 articles written during 2010-2018. This study classifies articles based on research topics and methods. The results of this study indicate that the topic most widely used in public sector accounting research is the topic of financial accounting and for models that are often used are quantitative methods as well as survey and archival methods. The topic of financial accounting in the public sector is the most researched topic because accounting in the public sector is still a particular concern and many local governments are constrained by financial reporting. Meanwhile, from the research topics, at least seven of the categories were taxation and accounting systems.

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