Actual problems of accounting and formation financial statements





Galina V. Tishenkova

student of group № M2-1 of the Faculty of International Economic Relations at “Financial University under the Government of the Russian Federation”, Moscow (E-mail:

Changes legislative regulation of joint stock companies: challenges and implications


Subject/topic In connection with the entry into force of the Federal Law of 06.29.2015, № 210 –FZ «On amendments to certain Legislative Acts of Russian Federation and annulment of certain Legislative Acts of Russian Federation» and the changes in the Civil Code terms such as “open” and “closed” stock companies lost their significance. This article discusses problems and consequences for joint-stock companies with the emergence of new legal forms such as «public» and «non-public» organization, and especially accounting the authorized capital in connection with the new regulatory requirements.

Goals/objectives Taking into account changes in legislative regulation in respect of stock companies in the study examined the impact of new requirements on the procedure for the application of the Federal Law № 208 – FZ of 26.12.1995 «On joint-stock companies», the criteria by which stock companies should relate to «public» or «non-public» organization and consequences in the case of delayed determination of their status are considered.

Methods. The article analyzes the existing norms of the Russian legislation as amended due to the Federal Law № 210 and article 66.3 of the Civil Code, the current procedure for new titles, re-registration of companies, accounting of authorized capital of these organizations and the possible consequences of breach of the scope and terms of placing the required information on joint-stock companies.

Conclusions and Relevance. The amendments to the Federal Law № 210 and Civil Code RF should be concerted with the current norms of accounting to provide uniform regulation of public companies, the formation of accounting policy and financial reporting.

JEL: L32, К11, К2

Keywords: normative and legislative regulation, «public» and «non-public» joint-stock companies, share capital, financial statements.




Yulia S. Buevich

Student of Credit and Economic Faculty at Financial University under the Government of the Russian Federation, Moscow (E-mail:

Accounting of cash in banks and commercial organizations: similarities and differences


Importance. The economy of any state banks play an important socio-economic role. Banks are intended to serve the interests of producers, linking cash flow industry and trade, agriculture and population. Accounting, financial and economic activities in the banks has its own specifics and problems. The Russian banking structures accounting differs substantially from the accounting of other economic subjects, so in recent years is often used a special term – “bank account.” The article deals with accounting, as well as a reflection of the value and information on the liquidity in the financial statements of credit institutions

Objective. The aim of the study is to analyze the specifics of the modern bank accounting and financial reporting, the identification of the key similarities and differences of the accounting system and financial reporting in banks and commercial organizations.

Methods. The main research methods were used methods of scientific knowledge, comparison, analysis, system approach.

Conclusions and Relevance. There is a specificity of accounting and financial reporting in banks (a form of accounting, cash accounting, chart of accounts, classification of accounts in relation to the balance sheet, interim reports, etc.). The Russian balance sheets of economic agents meet the balance of the organization of developed countries and credit institutions – differ. In this connection, further improvement of the Russian legislation and convergence with IFRS.

JEL: G21, М49

Keywords: regulatory and legislative regulation of banks, accounting, accounting (financial) statements, currency, business organizations, banks, credit institutions, cash flows and liquidity.


Ekaterina E. Kurnykina

Student at “Finance University under the Government of the Russian Federation”, Moscow (E-mail:

Directions of optimization of reporting of banks


This article investigates the problem of the presence of the shadow sector of the economics and the modern problems of illegal operations in the existing organization. The specificity of the modern development of the banking sector, which determines the direction of improving the preparation and reporting disclosure. It is noted that the main reason for withdrawal of the license from unscrupulous banks is low-quality accounting and unreliable statements. Particular attention should be paid to the enforcement of the requirements of increasingly complex legislation in the financial and banking sector and in the field of information security; improvement of methods and method of disclosure, and to optimize the composition is prepared statements; increase control reliability of the data and reporting, providing additional control over high-risk items. In addition, it is advisable to consider increasing the responsibility of the external auditors for confirmation of poor reporting in the case of revocation of the license of the bank.

JEL: G21, М49

Keywords: accounting, accounting analysis, banking supervision statements, revocation of licenses.


Vadim V. Anpilogov

student of group M2-1 of the Faculty “International Economic Relations” at “Financial University under the Government of the Russian Federation”, Moscow (E-mail:

Alexander S.Cherniaev

student of group M2-1 of the Faculty “International Economic Relations” at “Financial University under the Government of the Russian Federation”, Moscow (E-mail:

Accounting of transactions with bills under the loan agreement to a drawer of a bill


Subjct/topic Recently, bill becomes to be applied between partners more and more frequently in settlement operations. The status of these securities requires reliability. In this article authors discusses the mechanism of calculations with the help of bills, which is especially important today in the conditions of reforming of accounting in Russia.

Objectives/goals Consider ways, which can reflect certain operations with the notes in a loan agreement belonging to a drawer of a bill in the accounting.

Methodology Various laws regulate the accounting of transactions with bills of exchange, applied in calculating between organizations for delivery of goods, works and services. Accounting transactions with bills of exchange under the loan agreement belonging to a drawer of a bill is conducted according with the requirements of PBU 15/2008. In this paper, we analyzed the options for accounting of discount of notes and made some conclusions and recommendations.

Conclusions and Relevance In the course of the research, it was identified the most rational way of accounting for payables, which directly arises during operations with bills of exchange. All proposed recommendations will help ensure the credibility of accounting information. This method allows to avoid contentious issues on this subject, and makes us think about the imperfection of the legislative framework and require some adjustments in the Accounting Regulations.

JEL: К22, G11, М41

Keywords: bill, types of bills, liability, drawer of a bill, a loan agreement, promissory note, bills accounting.




Taliya H. Usmanova

Doctor of Economics, Professor, Deputy Head of Department «The General management» at “Finance University under the Government of the Russian Federation”, Moscow (E-mail:

Liliya I. Khairullina

Assistant in the Department “Management accounting and controlling”, in “Institute of Management, Economy and Finance”, at FGAOU VO “Kazan Federal University”, Kazan (E-mail:

Accounting - control processes in development of innovative project


Accounting – analytical processes not always have paramount value in the development of the project of public-private partnership. Accounting process needs to be put at the forefront of formation of the innovative project in the form of the public-private partnership (PPP). As from registration and analytical process control over the project and its successful realization is exercised.

Purposes/tasks The research objective is accounting and analytical justification of innovative and investment potential of Russian territories in the framework of the PPP formation. In this regard it is supposed to develop mechanisms and tools of development of accounting and analytical aspects of PPPs to ensure economic growth in Russia.

Methodology Within research systematic approach to managing the process of economic, structural and functional analysis in the circumstances applied, and also were used knowledge of general scientific methods for formation of recommendations and proposals.

Conclusion It is necessary to introduce new models of accounting process, which have to provide the sustainability of development projects, increase efficiency of use of all natural resources and intellectual potential in the reproductive areas and strengthening of global positions of Russia in the conditions of economic integration in the world economy.

JEL: M41

Keywords: accounting and analytical process, investments, priority, regional, innovative project, economic growth, financing, PPP.


Sogdiana I. Fayzova

student of group № M2-1 of the Faculty of International economic relations at “Financial University under the Government of the Russian Federation”, Moscow (E-mail:

Features of the accounting materials in accordance with RAS and IFRS


The subject/topic The article considers the main similarities and divergences in the normative-legislative regulation of accounting materials in accordance with RAS and IFRS. Materials relate to MPZ and are the most expensive form of current assets.

Goals/Objectives Correct accounting of capitalized materials to avoid errors in the generation of the actual cost of goods, works and services in the enterprise, to form complete and accurate information in the financial statements.

Methods The evaluation on receipt and disposal of materials such as a receipt for the actual cost, according to the agreed with the founders cost, at current market cost, at the cost of the transferred assets, discounting, fair value, associated with the awareness of participants of the transaction and the recoverable amount are analyzed in the article. Discussed the basic methods used in accounting materials, according to RAS and IFRS, tempering materials in production and on the side, (on the write-off of non-interchangeable unit of materials, time of cancellation at cost in the first purchase of inventories (FIFO method) and write-offs at average cost).

Conclusions and Relevance Law shall regulate the differences of some articles of RAS and IFRS.

JEL: M41

Keywords: Normative and legislative regulation of accounting inventories, valuation of receipt of materials and disposal of materials, RAS, IFRS, disclosure of material information in financial statements.


Anastasia G. Basova

2nd-year student, Faculty International Economic Relations Federal State-Funded Educational Institution of Higher Education “Financial University under the Government of the Russian Federation” Moscow, (Email:

Modern accounting of fixed assets in accordance with IFRS and RAS


Subject Normative and legislative regulation of the accounting of fixed assets in the RAS and IFRS.

Goals/Objective To analyze the differences and similarities in fixed assets accounting under IFRS and RAS.

Methods The basic methods of scientific knowledge began to techniques such as comparison, analysis, system approach.

Conclusions and Relevance The analysis showed the existence of standards, fundamental differences for accounting under IFRS and RAS: IFRS Accounting is aimedto provide information-oriented investors, and RAS – to the Federal Tax Service. When comparing the IFRS 16 “Fixed Assets” and PBU 6/01 “Accounting of fixed assets” for accounting and reporting were identified differences and similarities. Existing differences are considered standards complicate the conduct of parallel accounting and the implementation of the transformation in the formation of IFRS financial statements. Currently, however, to prepare the draft of the new PBU “Accounting for fixed assets” the Ministry of Finance of the Russian Federation in cooperation with the National Organization for Standard Financial Accounting and Reporting, which gives hope for greater convergence of standards in the principles, requirements, methods, assessments and others.

JEL: М41

Keywords: International Standards of Financial Reporting, Russian Accounting Standards, fixed assets, financial performance, financial reporting, investment, professional judgment, fiscal policy, the requirement of completeness, the requirement of consistency.


Daria S. Malysheva

Student of group M2-1 of the Faculty of International Economic Relations, at «Financial University under the Government of the Russian Federation», Moscow (E-mail:

Actual problems of intangible assets’ accounting


Importance The subject of research is the legal basis of intangible asset’s accounting.

Goals/Objective. To analyze features of intangible asset’s accounting and systematize similarities and differences with reference to RAS and IFRS.

Methods Requirements, principles, valuation approaches are compared to international ones. The advantages and disadvantages of current standards emphasized.

Conclusions and Relevance Russian accounting principles PBU 14/2007 get closer to international principles; nevertheless there are still some differences between RAS and IFRS. The biggest problem is how to valuate intangible assets and take them into account because of their unique nature. The lacks of legislation, the absence of clear classification and insufficient methods of valuation of intangible assets lead to a distortion of information in the financial statements, which creates problems for the audit.

JEL: М41

Keywords: accounting, intangible assets, recognition and measurement, goodwill, initial recognition, amortization, useful life.


Deniz M. Oztyurk

student at 2nd course of the Faculty of Management “Financial University under the Government of the Russian Federation”, Moscow (E-mail:

Contemporary order of presenting interim financial statements


Subject The article describes the changes in the federal legislation in the sphere of Russian accounting and reporting. From 01.01.2013 came into force the Law № 402-FZ “On Accounting”, which replaced the Law “On Accounting” № 129-FZ. The main purpose of this change in the law would bring the standards of the accounting system in line with modern conditions of economy functioning. In this connection, we analyze the features of the new Federal Law N 402-FZ, in the art of the interim financial statements. The basic potential consequences of the changes in legislation.

Objectives Comparison of current and previous Russian standards in the field of drawing up the interim financial statements, the identification of the modern order of formation and presentation of interim reports by economic actors.

Methods As the methods of scientific knowledge used in the comparison, analysis and systematic approach.

Conclusion: In accordance with current legislation, be canceled (with certain exceptions) the duty of organizations to provide interim reports to the relevant tax authorities. The question of the interim reporting solutions provided for by the organization based on their needs.

JEL: М41

Keywords financial statements, annual financial statements, interim financial statements, Federal Law N 402-ФЗ “On accounting”, IFRS


Anastasia A. Domashenko

student in group CEF 2-10, Faculty “Lending and Economics”, at “Financial University under the Government of the Russian Federation”, Moscow (E-mail:

Features of professional and human qualities of accountant


Subject / topic: Accountant is the most popular and the most demanded profession in Russia. This profession is very important, because the accounting is a substantial, very laborious, responsible and necessary part of any financial and economic activity that helps not just “watch the process of managing,” but also to collect, compile, organize, transfer of information monetary value of the economic entity for the implementation of the most effective activities, determining its results, to prevent adverse events. Currently, the accountant should not only have knowledge of accounting and taxation, but have professional experience, too. He should be able to work with automated forms of accounting, know the International Financial Reporting Standards, and others.

Objectives/goals: The article defines what are the main professionals and human qualities of a modern accountant to perform their responsibilities, what requirements currently apply to the accountant.

Methodology: The article provides the analysis of the typical “portrait” of the applicant in the position of accountant and a list of its responsibilities. There is an analysis of the statistics why despite the difficulties and high level of responsibility many people choose this profession. We discuss about accountants’ problems during process of work and what position in the company is recommended to hold for successful specialist.

Conclusions and Relevance: In order to be a highly qualified specialist is not enough to have the necessary “set” of knowledge, it is necessary to have certain features of character and love your own profession.

JEL: M41

Keywords: accountant, professional quality, jobseeker’s portrait, choice of profession, the requirements of the accounting profession