7 international accounting standards. International Accounting Standards

International standards financial statements(IFRS) is a set of international standards accounting, which indicate how specific types of transactions and other events should be reflected in the financial statements. IFRSs are published by the International Accounting Standards Board and they define exactly how accountants are supposed to maintain and present accounts. IFRS were created to have a “common language” in accounting because business standards and accounting practices can differ from company to company and from country to country.

The aim of IFRS is to maintain stability and transparency in financial world... This allows businesses and individual investors to make expert financial decisions as they can see exactly what is happening to the company they want to invest in.

IFRS are standard in many parts of the world, including the European Union and many countries in Asia and South America, but not in the United States. The Securities and Exchange Commission (SEC) is in the process of deciding to adopt standards in America. The countries that benefit the most from the standards are those that do and invest in international business. Experts suggest that the global implementation of IFRS will save money on opportunity comparative costs, as well as allow more freedom to transfer information.

In countries that have adopted IFRS, it is beneficial for both companies and investors to use this system, as investors are more likely to invest in a company if the company's business practices are transparent. In addition, the investment cost is usually lower. Companies that do international business benefit the most from IFRS.

IFRS standards

Below is a list of current IFRS standards:

Presentation of financial statements in accordance with IFRS

IFRS cover a wide range of accounting transactions. There are certain aspects of business practice for which IFRSs establish binding rules... Fundamentals of IFRS are elements of financial reporting, principles of IFRS and types of main reports.

Elements of financial statements in accordance with IFRS: assets, liabilities, equity, income and expenses.

IFRS principles

Fundamental Principles of IFRS:

• accrual principle. In accordance with this principle, events are reflected in the period when they occurred, regardless of the movement Money.
• the principle of going concern, which implies that the company will continue to operate in the near future, and the management has neither plans nor the need to wind down operations.

Reporting in accordance with IFRS must contain 4 reports:

Statement of financial position: it is also called balance. IFRS affect how the components of the balance sheet are interconnected.

Statement of comprehensive income: it can be one form, or it can be divided into an IFRS income statement and other income statement, including property and equipment.

Statement of changes in equity: also known as report on retained earnings... It reflects changes in profit for a given financial period.

Cash flow statement: this report summarizes the company's financial transactions for a given period, while cash flows are divided into flows for operating activities, investments and financing. Recommendations for this report are contained in IFRS 7.

In addition to these basic reports, the company must also submit annexes summarizing its accounting policies. The full report is often compared to the previous report to show changes in profit and loss. The parent company must create separate reports for each of its subsidiaries as well as the consolidated financial statements of IFRS.

Comparison of IFRS and American standards (GAAP)

There are differences between IFRS and generally accepted accounting standards in other countries that affect the calculation of the financial ratio. For example, IFRS is not as strict in determining revenue and allows companies to report revenue more quickly, therefore, the balance sheet under this system may show a higher revenue stream. IFRS also have other requirements for spending: for example, if a company spends money on development or investments for the future, it does not have to show it as an expense (i.e. it can be capitalized).

Another difference between IFRS and GAAP is the way in which inventories are accounted for. There are two ways to track inventory: FIFO and LIFO. FIFO means that the most recent unit of inventory remains unsold prior to the sale of previous inventory. LIFO means the most recent inventory will be sold first. IFRS prohibit LIFO, while US and other standards allow participants to freely use them.

History of IFRS

IFRS originated in the European Union with the intention of spreading them throughout the continent. The idea quickly spread around the world as the “common language” of financial reporting allowed for broader connections around the world. The United States has not yet adopted IFRS, as many view US GAAP as the “gold standard”. However, as IFRSs become a more global norm, this may change if the SEC decides that IFRSs are appropriate for US investment practices.

Currently, about 120 countries use IFRS, and 90 of them require companies to fully report their financial statements in accordance with IFRS requirements.

IFRSs are backed by the IFRS Foundation. The mission of the IFRS Foundation is “to ensure transparency, accountability and efficiency in financial markets Worldwide". The IFRS Foundation not only enforces and monitors financial reporting standards, but also makes various suggestions and recommendations to those who deviate from the best practices.

The aim of the transition to IFRS is to simplify international comparisons as much as possible. This is difficult because each country has its own set of rules. For example, US GAAP differs from Canadian GAAP. The synchronization of accounting standards around the world is an ongoing process in the international accounting community.

Transformation of financial statements in accordance with IFRS

One of the main methods of preparing financial statements in accordance with IFRS is transformation.

The main stages of transformation of financial statements in accordance with IFRS:

• Accounting policy development;
• Selection of functional and presentation currencies;
• Calculation of initial balances;
• Development of a transformation model;
• Assessment of the corporate structure of the company in order to determine the subsidiaries, associates, affiliates and joint ventures included in the accounting;
• Determining the specifics of the company's business and collecting information necessary to calculate the transformation adjustments;
• Regrouping and reclassification financial statements according to national standards up to IFRS.

Automation IFRS

In practice, the transformation of IFRS financial statements is difficult to imagine without its automation. There are various programs on the 1C platform that can automate this process. One such solution is WA: Financier. In our solution, it is possible to translate accounting data, carry out mapping to the accounts of the IFRS chart of accounts, make various adjustments and reclassifications, and eliminate intra-group turnovers when consolidating financial statements. In addition, 4 main IFRS reports have been customized:

Fragment of the Statement of Financial Position IFRS in “WA: Financier”: IFRS tab “Fixed assets”.

We talked about the American generally accepted accounting principles of GAAP in. We will talk about international accounting and financial reporting standards in this material.

What is IFRS

International Financial Reporting Standards (IFRS) are standards and interpretations issued by the IASB and include:

• actually IFRS (IAS);
• clarifications of the International Financial Reporting Interpretations Committee (IFRIC, International Financial Reporting Interpretations Committee, IFRIC);
• Clarifications from the Standards Interpretations Committee (SIC, Standing Clarifications Committee, RPC).

IFRS are also often referred to as International Accounting Standards (IAS).

Who applies IFRS

Currently, IFRS in the Russian Federation must be applied by organizations that prepare consolidated financial statements (part 1 of article 3 of Federal Law No. 208-FZ of July 27, 2010). Other organizations can maintain parallel accounting: according to national and international accounting standards.

It is important to take into account that the development and improvement of the theory and practice of accounting in the Russian Federation is carried out in accordance with international accounting standards.

Thus, on 03/06/1998 by Resolution of the Government of the Russian Federation No. 283, the Program for reforming accounting in accordance with IFRS was approved.

12/28/2015 The Ministry of Finance of the Russian Federation issued Order No. 217n on the implementation of IFRS in the territory of the Russian Federation. This document approved 66 international standards, including the IFRS themselves and explanations to them.

At the same time, given that since 01.04.2001 IFRS are issued by the IASB, and before that date they were issued by the IASB, currently there are IFRS with the same number. They differ precisely by the body that released them. So, for example, IAS 1, issued by the IFRS Committee, is called IAS 1 "Presentation of Financial Statements", and prepared by the IASB - IFRS 1 "First Adoption of International Financial Reporting Standards".

Likewise, IAS 2 can comply with both IAS 2 Inventories and IFRS 2 Share-based Payment.

Accounting principles and standards are required in any accounting system- it is impossible to competently and standardized to keep a systematic record in the absence of basic concepts and rules.
As you know, in Russian system accounting principles are currently set out in the Federal Law "On Accounting", and accounting standards are described in the Accounting Regulations (PBU). In Western accounting systems, everything looks a little different. Therefore, it is necessary to start by comparing the principles and standards in the international and Russian systems.

The beginning of the process of forming international accounting standards was laid in the United States in the 60s. of the last century, when justified and reflecting practical tasks began to be introduced into practice general accounting principles (Generally Accepted Accounting Principles- abbreviated GAAP), which can be translated into Russian as "Generally Accepted Accounting Principles". This approach to shaping legislative framework accounting greatly facilitated the work of all financial authorities of this large country.

Eleven basic principles (concepts) accounting formed the basis of the GAAP system. Currently, there are more than fifty of them. Not only American accounting is based on these principles, but most of the Western accounting systems.
Subsequently, it became necessary to develop and implement international standards that would be accepted by all countries for complete mutual understanding in the field of economics. This was also required by the significant growth of economic ties in the modern world.

From 1973 to 2001, such international standards were developed by the International Accounting Standards Committee (IASC) and issued under the name International Accounting Standards (IAS). In 2000, the committee was reformed, and in its composition the International Accounting Standards Board (IASB) was created, to which the functions of developing standards were transferred. New standards began to appear under the name IFRS (International Financial Reporting Standards), i.e. International Financial Reporting Standards, and replace obsolete standards. Thus, in order to standardize the approach, there are currently international practice both types of these standards are called International Financial Reporting Standards (IFRS).

Speaking about the structure of international standards, they include:

• chapter " Transparency of financial reporting", which characterizes the concept of" transparency "as the creation of an environment in which information about existing conditions, decisions and actions made is made available, visible and understandable for all market participants. In the same section, certain restrictions on transparency associated with the concept of trade secrets are formulated ;
• "Principles of preparation and disclosure of financial statements";
• directly International Financial Reporting Standards (IAS and IFRS);
• interpretations(clarification) of certain provisions of IFRS, which are issued by the Standing Committee on Interpretations (SIK / PKI).

"Principles of preparation and disclosure of financial statements" determine the basis and objectives of the preparation of financial statements, the composition of the users of these statements, as well as the qualitative characteristics of the financial statements and the main assumptions in their preparation.

In order for information to be used internationally, it must meet the following qualitative characteristics:

• intelligibility Understandability of information means that it is understandable by users with sufficient accounting knowledge. It should be noted that information about complex matters requiring disclosure in the financial statements should not be excluded simply because it may not meet the requirement of being understandable for some users;
• relevance or significance The (relevance) of information assumes that it will influence the economic decisions of users. The relevance of information is determined by its nature and materiality. In some cases, the nature of the information is sufficient for its disclosure, regardless of materiality. In other cases, materiality is of great importance, when omission or distortion of information can affect the economic decisions of users of the financial statements;
• reliability or credibility(reliability) of information occurs if it does not contain significant errors and distortion and is impartial. Reliable information must meet the following requirements:
• true representation(faithful representation) - information must truthfully disclose business transactions in financial statements;
• priority of content over form(substance over form) - information should take into account, first of all, economic essence facts business transactions rather than legal form;
• neutrality(neutrality), i.e. non-focus of information on the interests of certain groups of users;
• discretion(prudence) is a very important requirement, which is a conservative assessment of assets and liabilities. Assets and income should not be overvalued, and liabilities and liabilities undervalued, i.e. assets are carried at the lowest possible estimate and liabilities at the highest. In other words, potential losses are considered, not potential profits;
• fullness(completeness) - all material facts from the point of view of users of the reporting should be reflected in the reporting economic activity per reporting period;
• comparability or comparability(comparability) of information should ensure the comparability of financial reporting data both with previous periods and in relation to other companies. This means that it is necessary to disclose all changes in accounting policies in such a way that this requirement is met.

International standards place certain restrictions on the relevance and reliability of information:

• timeliness(timeliness) is associated with the need to properly balance the reliability and relevance of information. On the one hand, in order to comply with the requirement of relevance, it is necessary to fully collect information on all available facts of economic activity. On the other hand, obtaining complete and reliable information can lead to delays in the submission of financial statements and, accordingly, affect the relevance of the information. Therefore, it is recommended to find the optimal combination between these two requirements;
• balance between benefits and costs(balance between benefit and cost) means that the benefits from information should not exceed the costs of obtaining it, and the process of balancing benefits and costs requires a professional assessment;
• ratio between quality characteristics(balance between qualitative characteristics) should be the subject of professional assessment of the accountant and obey the task of meeting the needs of users of financial statements.

Note. In accordance with the Order of the Ministry of Finance of Russia dated November 25, 2011 N 160n, International Financial Reporting Standards are fully applicable in Russia and are recommended for the preparation of financial statements by Russian companies, and for consolidated statements their use is mandatory.

In Russia, one of the most rational ways of applying IFRS has been chosen - their adaptation to national conditions. This implies a gradual improvement of Russian accounting and reporting rules aimed at generating high quality financial information in accordance with the requirements of international standards.

Basic Principles of International Accounting Standards

The Basic Principles are a set of eleven fundamental principles (concepts) of accounting that operate within the framework of International Accounting and Reporting Standards. Along with them in every country with market economy their own national principles may apply. For example, a GAAP USA record means: US National Accounting Principles. Our national (Russian) standards in international application will be referred to as IFRS RUS or GAAP RUS.

1. The principle of monetary measurement(Money-measurement concept). According to this principle, only the information that can be presented in monetary terms is recorded in financial accounting. The advantage of such accounting is that money is a generally accepted measure by which the heterogeneous information of enterprises can be expressed in the form of numbers that can be added, compared, etc. This is fully consistent with Russian accounting principles and, in particular, Federal law"About accounting".

2. The principle of a separate (autonomous) enterprise(Entity concept). In accordance with this principle, the accounts for business units are kept separately from the accounts of the persons associated with them. For example, for a small workshop, there is no legal distinction between the financial affairs of the enterprise itself and its owners, but accounting is kept for the enterprise as for a separate business unit, and only its operations are reflected in these accounts (personal property and the owner's transactions with it are not accounted for), although in practice, this distinction can be difficult and therefore rather subjective. At the same time, a large corporation is legal entity, separate from its owners, so corporate accounts accurately correspond to the volume of activity.

3. Going Business Principle(Going-concern concept). Accounting assumes that an economic unit is a going concern, i.e. it will continue to function in the future for an indefinitely long period. Thus, in accounting it is believed that the enterprise will function and that the owners do not intend to sell it. This allows you to keep records not at the current market value, but at the book (book) value. Market value only appears on the liquidation of a company or under the strict requirement of regular revaluation of assets contained in the relevant IFRS.

To the auditor. It is necessary to check whether the method of determination is applied correctly book value(according to the requirements of the section "Assessment" of the relevant standard).

4. Cost accounting principle(Cost concept). This is an essential accounting principle, closely related to the going concern principle, and it is that an asset is usually recorded in the books at the price paid for its acquisition, ie. at the original cost. This value is the basis for all subsequent accounting for this asset. This amount is usually not affected by subsequent changes in the price of the asset. Thus, the amounts at which assets are shown in the accounts of the enterprise do not reflect the selling prices of the assets. Therefore, accounting distinguishes between book value and market value.

Due to the fact that the value of tangible and intangible assets is constantly either decreasing or increasing, they talk about depreciation and the corresponding amortization of assets, and so-called. goodwill (goodwill is the business reputation of the company, i.e. the value of the brand name, the reputation of the company's products, clientele and intangible assets of the company, in particular, its location).

Thus, the principle of accounting by value is an objective concept, since it does not allow arbitrary estimates of the present value of assets.

In the national accounting of many countries, they operate with the cost of funds, and not with their market value. Therefore, accounting in terms of the balance sheet does not contain information about the real value of the enterprise's funds at a given time, i.e. about their market value.

Because of this, the balance sheet does not make it possible to determine the total value of the enterprise - this requires additional assessment, for example, expertise. So, if an enterprise acquired a non-current asset for $ 10,000, and a year later he was offered to sell it for $ 20,000, this means that the market value of the asset was $ 20,000.

The amount that should reflect the value of the asset in the Equity (Assets) section of the company's balance sheet at the end of the year will still be reported as $ 10,000 less any possible depreciation. The difference will be reflected in the "Income" accounts, i.e. the indicated market price will not be included in the assets in full, but will reflect only the acquisition expense minus depreciation (if it was charged).

To the auditor. When checking the property status of the client, it is necessary to assess the correctness of the reflection of the initial cost of the object according to IFRS standards (not all expenses accounted for in RAS can be included in the cost according to IFRS) and the compliance of depreciation with IAS 16 "Fixed Assets".

5. Duality accounting principle(Dualaspect concept). The method of arrangement of accounts, in which the duality of each accounting transaction was expressed in the fact that the debit amount was equal to the credit or balanced (leveled) it, was described by Luca Pacioli in the 15th century. This gave rise to next rule, which has no exceptions and is used in all accounting models around the world:

For each transaction, the debit amount must equal the loan amount.

All accounting objects are considered from two positions: from the position of household assets and from the position of sources of their acquisition. This is reflected in the company's balance sheet. Double entry allows you to create a complete control system for the correctness of accounting in any enterprise. In its methodology, accounting has always relied on the basic accounting equation:

Assets = Liabilities + Equity.

This means that asset accounts should increase on the left (debit) side and decrease on the right (credit) side.

It follows that the rules for the liability and equity accounts should be opposite rules for asset accounts.

In turn, the rules for registering income and expenses are derived from the rules for registering capital.

In RAS, a slightly different form of entry is used:

Assets = Liabilities.

We also note that in foreign accounting, assets in our understanding are called assets, and the liabilities of our Russian balance sheet equation Assets = Liabilities are broken down in IAS into two groups: liabilities ( borrowed funds) and the capital of the owners. The sum of the company's funds is always equal to the sum of its liabilities and capital.

Equality "Equity = Liabilities + Capital" is called balance equation so the financial statement is called balance sheet of the enterprise.

In IFRS, the concept of "net assets" is widely used:

Net assets= Assets - Liabilities, or Net Assets = Equity.

6. Accounting period principle(Periodicity concept). It assumes that accounting measures the activities of an enterprise for a specific period of time, called an accounting period. When submitting reports outside parties the accounting period is usually one year, the internal reporting periods may be different. In most enterprises, the reporting (or fiscal) year corresponds to the calendar year, but many firms use the natural business year instead of the calendar year. The choice of the accounting period is fixed in the accounting policy and must comply with the internal requirements of the financial management: if the company's activities are dynamic and subject to risks, current information is needed for short periods for possible correction in work.

To the auditor. It is necessary to advise the client to draw up internal reports as often as possible to identify possible losses, difficulties and risks, which, in turn, will help the client to quickly rectify the situation.

7. The principle of conservatism (caution in assessment)(Conservatism concept). According to this principle, stronger evidence is needed to recognize an increase in the company's retained earnings (income) than to recognize a decrease in retained earnings (expenses).

In other words, incomes are taken into account when the possibility of their receipt becomes a well-defined event, and expenses - when their possibility is a very likely event. Accordingly, income from the sale of goods or the provision of services is recognized in the period in which they are provided to customers.

To the auditor. This is a requirement of IAS 18 Revenue and must be strictly followed in order to avoid doubtful and bad debts that arise in the absence of payment and seriously distort the balance sheet.

8. Implementation principle(Realization concept). It determines the amount of income to be recognized from a given sale. It is assumed that the amount of recognized income may be more or less sales price goods sold or services (for example, in the case of a sale at a discount). It is also allowed to reduce the amount of recognized income by the amount of possible non-receipt of funds, i.e. for the estimated amount of bad debts.

According to this principle revenues are taken into account by the company only when its products are delivered to the consumer(and not when it was produced) or its services provided to the client.

Income is recorded in the amount, the receipt of which is a well-defined event. For example, if in 2012 a company delivered products manufactured in 2011 to its customer, then the income from sales will be recorded by it in 2012. If the company provides services, then income from them is recorded at the time of rendering the services. Products (such as shoes) are tangible products. Services (such as TV repair) are intangible products. However, both are products.

The general rule is that income from sales of products is taken into account when these products are delivered to the consumer, i.e. the seller has lost its risks and control over it.

For example, in January, the company was awarded a contract for construction work. They were produced in February and the money received by the company in March. The company should post work earnings in February.

Thus, income is recognized when the sale is deemed to have been completed. This corresponds to the moment of delivery of the product to the consumer. Therefore, the term "sale" is quite often used together with the term "income", forming a new term - "income from sale". Sometimes you can hear from trade workers that they consider the moment of placing an order to be a realization, although the goods have not yet been delivered to the buyer. From an accounting point of view, placing an order is not an implementation, since income has not yet been recorded.

In Russian accounting, this is the well-known "payment on shipment". When specifying in the accounting policy of the enterprise the choice of the method of accounting for payment "on a cash basis", the products or goods are considered sold upon receipt of specific payment in any form.

9. The principle of matching income and expenses(Matching concept). The concept of compliance assumes that if the sale of services or goods affects both income and expenses, then the impact on them should be recognized. in the same accounting period.

To define the period in which expenses are recognized, terms such as “costs”, “payments”, “expenses” and “costs” are used. Costs can be of both reporting and future periods. In this case, costs can relate to both assets and costs. For a cost item to be considered an asset, it must provide some kind of future benefit. Otherwise, it refers to the expenses of the current period.

The correct classification of costs as assets or as expenses is one of the most difficult problems in modern accounting and also requires audit control.

10. The principle of consistency(Consistency concept). Its essence lies in the fact that once having chosen one method of accounting, the company must use it for all subsequent events of a similar nature, until there are good reasons to change this method. For example, bad debts can be recognized either as a decrease in profit or as an expense. If an enterprise often changes the method of accounting for such events in accounting registers, it may be difficult to compare its financial statements for different periods, i.e. violates the comparability of data required by IFRS as a qualitative property of information.

11. The principle of materiality or materiality(Materiality concept). Accounting neglects minor circumstances, but at the same time reflects all material circumstances.

Significant should include those transactions as a result of which the financial condition of the enterprise changes. The division of transactions into material and non-material is subjective. There are no formal rules in this regard. The financial statements of the enterprise must objectively reflect all essential facts.

For example, if the company found that most of the warehouse stock became unusable, then the principle of materiality requires that this fact be recorded in the financial statements, since this changes the financial condition of the firm.

Thus, the principle of materiality has two aspects:

1) neglect of minor and unimportant events;

2) reflection of all important events in monetary terms.

In RAS, this is reflected precisely in this form (i.e., there is a complete analogy), at the same time, IFRS allows companies to determine the materiality threshold independently (in RAS, it is fixed at the legislative level).

In conclusion, it should be noted that, along with the above principles, the very accounting and reporting standards used throughout the world play an important role. In Russian accounting, they are partially reflected in the accounting regulations (PBU), because each PBU is nothing more than a standard for accounting for certain types of activities and accounting objects. It reflects all the features and legislative guidelines (provisions) when keeping records of specific objects.

In subsequent publications, we will analyze the most important international financial reporting standards from the point of view of their relationship and interconnection with Russian PBUs, which will allow us to identify similarities and differences in international and domestic standards, as well as to keep records and form statements in strict accordance with IFRS.

Glossary of terms related to International Accounting and Reporting Standards

• 1. Business unit - a separate enterprise in respect of which accounting records and financial statements are prepared.
• 2. Financial reporting - a system for preparing and presenting financial statements in accordance with certain standards.
• 3. Interpretation - interpretation, explanation, translation into a more understandable language.
• 4. Generally Accepted Accounting Principles are provisions developed by the FASB.
• 5. Accounting conventions - broadly defined - are the methods and procedures used in accounting. Accounting agreements - in a narrow sense - are methods and procedures used in accounting and are not officially approved and recommended.
• 6. Accounting Research Bulletin - published by the Accounting Principles Board.
• 7. International Accounting Standards - a set of accounting concepts, standards and procedures on the basis of which financial statements in Europe and other countries are prepared.
• 8. APB Opinions are documents published by the Accounting Principles Board of the American Institute of Certified Public Accountants.
• 9. Standardization is the process of setting and applying standards.
• 10. Convergence - the process of convergence of accounting models, which is actually expressed in the convergence of systems of national standards with IFRS.
• 11. Harmonization - mutual agreement, consolidation into a system, unification, coordination, streamlining, ensuring the mutual correspondence of economic processes.

IFRS 1. Presentation of financial statements

financial statements cash capital

This standard is fundamental in determining the principles of preparation and presentation of financial statements. The objective of this Standard is to provide a framework for the presentation of financial statements. general purpose in order to achieve comparability both with the financial statements of the company for previous periods and with the financial statements of other companies. To achieve this objective, this HKSA establishes a number of considerations for the presentation of financial statements, guidelines for their structure, and minimum content requirements. The objective of general purpose financial statements is to present information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic solutions... The financial statements also show the results of the management of resources entrusted to the management of the company. To achieve this goal, financial statements provide information on the following company indicators:

• - assets;
• - obligations;
• - capital;
• - income and expenses, including profit and loss;
• - cash flow.

A complete set of financial statements includes the following components:

• - balance sheet;
• - gains and losses report;
• - a report showing all changes in equity;
• - cash flow statement;
• - accounting policies and explanatory notes.

Accounting policy. The management of the company must select and apply the accounting policies of the company in such a way that all financial statements comply with all the requirements of each applicable International Financial Reporting Standard. In the absence of a specific requirement, management shall establish a policy to ensure that financial statements are provided with information that:

• - relevant to user decision-making needs;
• - is reliable in that it: Reliably represents the results and financial position of the company; reflects economic content events and transactions, not just their legal form; neutral, that is, free from bias; prudent; complete in all essential respects.

The presentation and classification of items in the financial statements shall be maintained from one period to the next, except in the following cases:

• A significant change in the nature of an entity's operations, or when an analysis of its presentation of financial statements demonstrates that the change will result in a more appropriate presentation of events or transactions.
• - a change in presentation is required by international financial reporting standards;

Comparative information should be disclosed in relation to the prior period for all financial statements, unless otherwise required by an international reporting standard. Comparative information is included in narrative and descriptive information when relevant to an understanding of the financial statements.

Reporting period. Financial statements are submitted at least annually. When, in exceptional circumstances, the company's balance sheet date changes and the annual financial statements are presented for a period longer or shorter than one year, the company must disclose, in addition to the period covered by the financial statements:

• - the reason for using a period other than one year;
• - the fact that the comparative amounts for the income statements, cash flows and related notes are not comparable.

Balance sheet. Each entity, based on the nature of its operations, must determine whether to present current and non-current assets and liabilities as a separate classification on the balance sheet itself. Regardless of which presentation method is adopted, an entity must disclose amounts expected to be settled or recovered after more than twelve months, for each line item of assets and liabilities that add up items expected to be settled or recovered before or after twelve months from the reporting date. ...

Short-term assets. An asset should be classified as current when:

• - it is supposed to be sold or held for sale or use in the normal conditions of the company's operating cycle;
• - it is mainly contained for commercial purposes or for short term, and it is expected to be realized within twelve months from the reporting date;
• - it is an asset in the form of cash or cash equivalents with no restrictions on their use.

All other assets must be classified as non-current.

Short-term obligations. Liabilities should be classified as current when:

• - they are supposed to be repaid in the normal conditions of the company's operating cycle;
• - they are due for repayment within twelve months from the reporting date.

All other liabilities should be classified as non-current. An entity shall continue to classify its non-current liabilities, which include interest payments, as non-current even if they are due to be settled within twelve months of the reporting date if:

• - the original period was a period exceeding twelve months;
• - the company expects to refinance the liability on a long-term basis;
• - this intention is supported by a refinancing agreement, a change in the payment schedule, which is concluded before the financial statements are approved.

The amount of any liability that has been eliminated from current liabilities in accordance with this requirement should be disclosed in the notes to balance sheet, together with information supporting such a representation.

At a minimum, the balance sheet should include line items that represent:

• - fixed assets and intangible assets;
• - financial assets and investments accounted for using the participation method;
• - trade and other receivables;
• - cash and cash equivalents;
• - receivables from buyers and customers and other receivables;
• - tax liabilities and reserves;
• - long-term liabilities, including interest payments;
• - minority interest and issued capital.

Additional line items, headings and subtotals are required to be presented on the balance sheet when required by an International Financial Reporting Standard or when presentation is required for a fair presentation. financial situation companies.

An entity should disclose the following information in the balance sheet or in the notes:

• 1.for each class of share capital:
  • - the number of shares authorized for issue;
  • - the number of issued and fully paid shares, as well as issued, but not fully paid;
  • - par value of a share, or an indication that it has no par value;
  • - reconciliation of the number of shares outstanding at the beginning and at the end of the year;
  • - rights, privileges and restrictions associated with the relevant class, including restrictions on the distribution of dividends;
  • - shares of the company owned by the company itself, as well as subsidiaries or associated companies;
  • - shares reserved for issue under option or sale agreements, including terms and amounts;
• 2. a description of the nature and purpose of each reserve within the equity of the owners;
• 3. when dividends were offered, but were not officially approved for payment, then the amount included or not included in the obligation is shown;
• 4. the amount of any unrecognized preferred dividends.

An entity without share capital, such as a partnership, must disclose information equivalent to that required above, showing the changes during the period for each category of equity and the rights, privileges and restrictions associated with each category of equity.

Gains and losses report. At a minimum, the income statement should include line items that represent:

• - revenue;
• - operating results;
• - financing costs;
• - the share of profits and losses of associates in joint ventures accounted for using the equity method;
• - tax expenses;
• - profit or loss from ordinary activities;
• - the results of extraordinary circumstances;
• - minority interest;
• - net profit or loss for the period.

An entity should disclose in the income statement or notes thereto an analysis of income and expenses using a classification based on the nature of income and expenses or their function within the entity.

Expenditure items are subdivided in order to distinguish a number of components of financial results of operations, which may differ in characteristics such as stability, potential for profit or loss, and predictability. This information is presented in one of two ways.

The second analysis is called the cost function or "cost of sales" method and classifies expenses according to their function as part of cost of sales, distribution or administrative activities.

Entities that classify expenses by function are required to disclose additional information about the nature of expenses, including depreciation and remuneration expenses.

The company must disclose in the income statement or notes the amount of dividends per share declared or proposed for the period covered by the financial statements.

Changes in equity. A company must present, as a separate form of its financial statements, a report showing:

• - net profit or loss for the period;
• - each item of income and expense, profit and loss, which, according to the requirements of other standards, is recognized in equity, and the amount of such items;
• - the cumulative effect of changes in accounting policies and the correction of fundamental errors.

In addition, the company must present either in this report or in the notes to it:

• - operations of a capital nature with owners and their distribution;
• - the balance of accumulated profit or loss at the beginning of the period and at the reporting date, and the change for the period;
• - a reconciliation between the carrying amount of each class of share capital, share premium and each reserve at the beginning and end of the period, disclosing each change separately.

Cash flow statement. Gives useful information users when clarifying questions about the profitability and solvency of the company; it links the net profit measure to the receipts and disbursements of the company's cash.

Table Application of IFRS for purposes management accounting

Cost accounting Financial Accounting Forensic accounting
Fund accounting Management accounting Tax accounting
Budget accounting Bank accounting

International Financial Reporting Standards(IFRS; IFRS eng. International Financial Reporting Standards ) - a set of documents (standards and interpretations) that regulate the rules for drawing up financial statements that are necessary for external users to make economic decisions in relation to the enterprise.

IFRS, in contrast to some national reporting rules, are standards based on principles rather than hard-coded rules. The goal is that, in any practical situation, compilers can follow the spirit of the principles rather than trying to find loopholes in well-written rules that would circumvent any basic provisions. Among the principles: accrual basis, going concern, prudence, relevance and a number of others.

Application in various countries

International financial reporting standards are accepted as mandatory in several European countries. In most European countries, reporting in accordance with IFRS is required to be prepared by companies whose securities are traded on the stock exchange.

In the United States, which now uses proprietary US GAAP accounting standards, in August 2008, the Securities and Exchange Commission presented a preliminary plan for the transition to IFRS and the phase-out of GAAP. In accordance with this plan, starting in 2010, multinational American companies (it is expected that by this time there will be at least 110) will be in mandatory provide financial statements in accordance with IFRS. It is assumed that from 2014 the formation of financial statements in accordance with IFRS will become mandatory for all American companies.

In 2011, the first 63 standards and interpretations were recognized as applicable on the territory of the Russian Federation. Consolidated financial statements must be provided by organizations that have come under the law No. 208-FZ, starting with the statements for 2012.

List of currently valid standards

IFRS

IAS

• IAS 1 Presentation of Financial Statement
• IAS 2 Stocks
• IAS 7 Cash Flow Statements
• IAS 8 Accounting Policies, Changes in Accouting Estimates and Errors
• IAS 10 Events After the Balance Sheet Date
• IAS 11 Construction Contracts
• IAS 12 Income Taxes
• IAS 16 Property, Plant and Equipment
• IAS 17 Leases
• IAS 18 Revenue
• IAS 19 Employee Benefits
• IAS 20 Accounting for Goverments Grants and Disclosure of Goverment Assistance
• IAS 21 The Effects of Changing in Foreign Exange Rates
• IAS 23 Borrowing Costs
• IAS 24 Related Party Disclosures
• IAS 26 Accounting and Reporting by Retirement Benefit Plans
• IAS 27 Consolidated and Separate Financial Statements
• IAS 28 Investments in Associates
• IAS 29 Financial Reporting in Hyperinflationary Economies
• IAS 31 Financial Reporting of Interests in Joint Ventures
• IAS 32 Financial Instruments: Presentation
• IAS 33 Earnings per Share
• IAS 34 Interim Financial Reporting
• IAS 36 Impairment of Assets
• IAS 37 Provisions, Contingent Liabilities and Contingent Assets
• IAS 38 Intangible Assets
• IAS 39 Financial Instruments - Recognition and Measurement
• IAS 40 Investment Property
• IAS 41 Agriculture

In addition to the standards, interpretations that reveal a particular issue of the application of standards are mandatory:

• IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
• IFRIC 2 Interests in cooperatives and similar financial instruments(Members "Shares in Co-operative Entities and Similar Instruments)
• IFRIC 4 Determining whether an Arrangement contains a Lease
• IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
• IFRIC 6 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
• IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
• IFRIC 8 Scope of IFRS 2
• IFRIC 9 References to Reassessment of Embedded Derivatives
• IFRIC 10 Interim Financial Reporting and Impairment
• IFRIC 11 IFRS 2 - Group and Treasury Share Transactions
• IFRIC 12 Service Concession Arrangements
• IFRIC 13 Customer Loyalty Programs
• IFRIC 14 IAS 19 - Limiting value asset pension plan defined benefit, minimum funding requirements and their relationship (IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction)
• IFRIC 15 Agreements for the Construction of Real Estate
• IFRIC 16 Hedges of a Net Investment in a Foreign Operation
• IFRIC 17 Distributions of Non-Cash Assets to Owners
• IFRIC 18 Transfers of Assets from Customers
• SIC 7 Introduction of the Euro
• SIC 10 State aid: lack of specific connection with operating activities (Government Assistance - No Specific Relation to Operating Activities)
• SIC 12 Consolidation - Special Purpose Entities
• SIC 13 Together controlled organizations: Jointly Controlled Entities - Non-Monetary Contributions by Venturers
• SIC 15 Operating lease. Incentives (Operating Leases - Incentives)
• SIC 21 Income Taxes: Recovery of Revalued Non-Depreciable Assets
• SIC 25 Income Taxes - Changes in the Tax Status of an Entity of its Shareholders
• SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
• SIC 29 Service Concession Arrangements: Disclosures
• SIC 31 Revenue - Barter Transactions Involving Advertising Services
• SIC 32 Intangible Assets - Web Site Costs

Notes (edit)

Literature

• First adoption of IFRS. - M .: Alpina Publisher, 2013 .-- 448 p. - ISBN 978-5-9614-2241-2

Links

• RF Ministry of Finance: Accounting. International standards and international cooperation
• National Council on Financial Reporting Standards
• Official Journal of the European Union, 13 October 2003. Official publication of the IAS
• The latest edition of IFRS in Russian, Ukrainian, English, tips for studying IFRS and preparing for the DipIFR exam
• International Financial Reporting Standards: Latest News

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