Home  Journals  International Accounting  2(500) - 2023 February

Project structure of financial statements: Comparative analysis and recommendations for improvement

Received: 26 January 2023

Received in revised form: 3 February 2023

Accepted: 6 February 2023

Available online: 14 February 2023

Subject Heading: REGULATION AND STANDARDIZATION OF REPORTING

JEL Classification: М41

Pages: 216–240

https://doi.org/10.24891/ia.26.2.216

Subject. This article analyzes the structure of accounting (financial) reporting, in particular, the one proposed in the draft federal accounting standard developed by the Ministry of Finance of Russia.
Objectives. In addition to the analysis of the project structure of financial statements, the article aims to develop recommendations for improving this structure.
Methods. For the study, we used analysis, synthesis, modeling, systematization, and generalization.
Results. The article presents the results of the analysis of the requirements for financial statements, structure of reporting, balance sheet, and the statement of financial results. It proposes to introduce the principle of Financial Statements Modeling into the requirements, and some additional items on balance sheet.
Conclusions and Relevance. The analysis of the draft FSBU 4/20 and regulatory documents on accounting financial statements reveals the need to replace the current PBU 4/99 and to finalize this FSBU project as soon as possible. The results of the study can be applied in the theory and practice of accounting.

Keywords: accounting (financial) reporting, requirements, balance sheet, statement of financial results, notes to financial statements

References:

1. Sokolov Ya.V. Osnovy teorii bukhgalterskogo ucheta: monografiya [The foundations of accounting theory: a monograph]. Moscow, Finansy i statistika Publ., 2003, 496 p.
2. Kozmenkova S.V., Alborov R.A. [Development of accounting in Russia (1991–2021): The results and prospects]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2022, vol. 25, iss. 11, pp. 1261–1282. (In Russ.) URL: Link
3. Bychkova S.M., Itygilova E.Yu. [Objectives of financial reporting and auditing: methodological problems criteria and justify the classification misstatement of the financial statements]. Auditor, 2015, vol. 1, no. 1, pp. 3–21. (In Russ.) URL: Link
4. Ivashkevich V.B., Shigaev A.I. [Improving the model of financial reporting under IFRS]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2010, vol. 9, iss. 18, pp. 15–25. URL: Link (In Russ.)
5. Druzhilovskaya T.Yu., Druzhilovskaya E.S. [Analysis of the draft new IAS 1 regulations on the formation of financial statements]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2022, vol. 9, no. 3, pp. 85–94. (In Russ.) URL: Link
6. Druzhilovskaya T.Yu., Druzhilovskaya E.S. [Problematic aspects of the draft new IAS 1 on the formation of financial statements]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2022, vol. 9, no. 4, pp. 35–44. (In Russ.) URL: Link
7. Chaikovskaya L.A. [Tools of the digital economy as methods to ensure the reliability of financial statements]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2022, vol. 9, no. 3, pp. 6–13. (In Russ.) URL: Link
8. Druzhilovskaya T.Yu., Druzhilovskaya E.S. [Improving  the  financial  reporting  of  organizations  in the  digital economy]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2019, vol. 6, no. 1, pp. 50–61. (In Russ.) URL: Link
9. Kulikova L.I., Mukhametzyanov R.Z. [Evolution of financial reporting under the influence of digitalization]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2022, vol. 25, iss. 2, pp. 180–197. (In Russ.) URL: Link
10. Zueva I.A. [Disclosure of information in the accounting financial statements of organizations under sanctions restrictions]. Vestnik Moskovskogo universiteta im. S.Yu. Vitte. Seriya 1: Ekonomika i upravlenie, 2022, no. 3, pp. 16–23. (In Russ.)
11. Alekseeva G.I. [New approaches to the formation of accounting (financial) statements as a result of the reform of Russian accounting]. Audit, 2022, no. 2, pp. 27–34. (In Russ.)
12. Alborov R.A. Kontseptsiya razvitiya i metodologiya bukhgalterskogo ucheta v sel'skom khozyaistve: monografiya [The concept of development and methodology of accounting in agriculture: a monograph]. Moscow, Economy of Agricultural and Processing Enterprises Journal Publ., 2003, 205 p.
13. Kozmenkova S.V., Krupinova E.S. [Accounting principles for microenterprises: Composition and content]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2017, vol. 20, iss. 8, pp. 460–476. (In Russ.) URL: Link
14. Kozmenkova S.V., Strokova Yu.M. [The balance sheet content and explanations depending on industry specifics and types of activities]. Bukhgalter i zakon = Accountant and Law, 2016, no. 4, pp. 30–36. URL: Link (In Russ.)
15. Sungatullina L.B., Zagidullina E.S. [Balance sheet as an economic category and information base of organization management]. Bukhgalterskii uchet v byudzhetnykh i nekommercheskikh organizatsiyakh = Accounting in Budgetary and Non-Profit Organizations, 2018, no. 22, pp. 2–10. URL: Link (In Russ.)
16. Alborov R.A., Kozmenkova S.V., Mosunova E.L. [Accounting for the recognition of intangible assets and the results of their valuation and revaluation]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2022, vol. 25, iss. 10, pp. 1090–1115. (In Russ.) URL: Link
17. Kozmenkova S.V., Chernova I.S. [Forensic tax expertise in cases of VAT evasion: characteristics and features of the subject]. Bukhgalterskii uchet v byudzhetnykh i nekommercheskikh organizatsiyakh = Accounting in Budgetary and Non-Profit Organizations, 2022, no. 10, pp. 9–16. (In Russ.)
18. Bychkova S.M., Mikhailova Zh.V. [The impact of industry-specific features on the information needs of users of accounting financial statements]. ETAP: Ekonomicheskaya teoriya, analiz, praktika = ETAP: Economic Theory, Analysis, and Practice, 2021, no. 3, pp. 112–126. (In Russ.) URL: Link
19. Kozmenkova S.V., Kovanov S.I. [Agricultural land as an accounting item: a historical analysis and contemporary issues]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2015, vol. 18, iss. 29, pp. 50–60. URL: Link (In Russ.)
20. Alborov R.A., Kontsevaya S.M., Kozmenkova S.V. [Biological and land assets in agriculture: Accounting and evaluation issues]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2019, vol. 22, iss. 8, pp. 859–871. (In Russ.) URL: Link
21. Alborov R.A., Kontsevaya S.M., Khoruzhii L.I. [Accounting for land in accordance with the requirements of the FSBU 6/2020 – Fixed Assets]. Ekonomika sel'skokhozyaistvennykh i pererabatyvayushchikh predpriyatii = Economy of Agricultural and Processing Enterprises, 2022, no. 6, pp. 34–40. (In Russ.) URL: Link
22. Mislavskaya N.A. [Modern accounting system in the interpretation of the principles of the functioning of the organization]. Auditor, 2020, vol. 6, no. 5, pp. 44–48. (In Russ.)
23. Serebryakova T.Yu. [Management expenses in the context of Federal Accounting Standard (FSBU) 5/2019 – Inventories]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2021, vol. 24, iss. 4, pp. 392–406. (In Russ.) URL: Link
24. Klychova G.S., Zakirova A.R., Klychova A.S., Sattarova G.F., Gimadiev I.M. [Improvement of methodological support of internal control of financial results]. Vestnik Kazanskogo gosudarstvennogo agrarnogo universiteta = Vestnik of Kazan State Agrarian University, 2021, vol. 15, no. 4, pp. 113–120. URL: Link (In Russ.)

View all articles of issue

ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

Journal current issue

Vol. 27, Iss. 4 April 2024

Archive