International Accounting

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A critical analysis of novelties in regulating the formation of accounting policies by public organizations

Vol. 21, Iss. 11, NOVEMBER 2018

Received: 21 September 2018

Received in revised form: 8 October 2018

Accepted: 22 October 2018

Available online: 16 November 2018


JEL Classification: M41

Pages: 1296–1313

Druzhilovskaya T.Yu. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Druzhilovskaya E.S. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Maslova T.S. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Subject This article discusses the novelties in regulating the way public organizations set up their accounting policies.
Objectives The research evaluates implications of the new federal standard for public organizations since it governs the formation of their accounting policies.
Methods We conduct a critical analysis of various scholarly stances on issues relating to accounting policies of public organizations, compare the process of setting the Russian and international standards on accounting policies of such organizations.
Results We systematized and summarized various scholarly stances on the formation of accounting policies in public entities. We also compare the regulatory formation of the new federal standard for public entities, Accounting Policy, Estimates and Errors, and the accounting regulation, Corporate Accounting Policy, for entities, other than public ones. The article evaluates novelties in the way accounting policies are set in public entities.
Conclusions and Relevance It is a positive sign in the public accounting regulation that the federal standard, Accounting Policy, Estimates and Errors, has been adopted. The federal standard provides for the convergence of approaches to practices of accounting policy making in the Russian public entities and entities of other sectors. The federal standards has the same effect on the technique a public entity uses to set up its accounting policy in terms of the Russian and international standards. It is reasonable to further improve the way accounting policies of public entities are formed in Russia so as to scrutinize the conceptual framework for such accounting policies. The findings are of applied and theoretical value in financial accounting.

Keywords: accounting policy, public institution


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