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Fixed assets accounting under the Russian accounting standardization

Vol. 22, Iss. 6, JUNE 2019

Received: 25 February 2019

Received in revised form: 23 April 2019

Accepted: 30 May 2019

Available online: 17 June 2019

Subject Heading: FINANCIAL ACCOUNTING

JEL Classification: M41

Pages: 618–635

https://doi.org/10.24891/ia.22.6.618

Alekseeva G.I. Financial University under Government of Russian Federation (Financial University), Moscow, Russian Federation
consulting777@mail.ru

ORCID id: not available

Subject This article discusses the current Russian rules of fixed assets accounting, the future changes set forth in the draft Russian Federal Accounting Standard Fixed Assets, and the international requirements described in International Accounting Standard (IAS) 16 Property, Plant and Equipment.
Objectives To identify the similarities and differences needed to be taken into account when making changes to the accounting policies of organizations and the two accounting systems, the article aims to study and compare the existing and new Russian accounting rules of fixed assets accounting and the international requirements described in IAS 16 Property, Plant and Equipment.
Methods For the study, I used the categorical and systems approaches, comparison, analysis, and the method of expert assessment.
Conclusions The Russian accounting rules and international standards have a lot in common. However, comparing the new rules, current practices, and IFRS requirements shows that the Russian Federal Accounting Standard provisions differ both from the running norms and the international ones. The article concludes that the draft Russian Federal Accounting Standard Fixed Assets has been developed on the basis of IFRS (IAS) 16 Property, Plant and Equipment, but there are differences in the rules of fixed assets accounting, provided by IFRS and the drafts Russian Federal Accounting Standard Fixed Assets and Capital Expenditures in Progress.

Keywords: fixed assets, accounting, RAS, IFRS

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