Classification of ifrs by purpose. Classification of international financial reporting standards Classification of standards for economic content allows you to supplement

2.5.1 Classification of IFRSs by purpose

The classification of standards according to their purpose assumes that the purpose or purpose of the standard acts as a classification feature. On this basis, the following blocks can be distinguished.

Block 1 - standards that form the international principles of accounting. The block contains the following international financial reporting standards (hereinafter IFRS) - IFRS 1 "Presentation of financial statements", which has been reissued and is effective from 01.01.98. The information contained in this standard is basic, fundamental for accounting. The same group can include IFRS 8 "Net profit or loss for the period, fundamental errors and changes in accounting policies" (Net Profit or Lost for the Period, Fundamental Error and Changes in Accounting Policies).

Block 2 - standards governing the composition and content of financial statements. The block includes standards: IFRS 10 “Contigencies and Events Occuring After the Balance Sheet Date”; IFRS 14 “Reporting Financial Information by Segment”; IAS 27 “Concolidated Financial Statements and Accounting for Investments in Subsidiaries”; IFRS 29 Financial Reporting in Hyperinflationary Economics; IFRS 30 “Disclosures in the Financial Statements of Banks and Similar Financial Institutions”; IFRS 31 Financial Reporting of Interests in Joint Ventures.

This group of standards has a basic, fundamental significance, because it is it that is considered the key to understanding the financial statements of any state that applies international standards in organizing accounting.

Block 3 - standards that define the rules for accounting for individual objects. The largest group, which in turn can be subdivided into subgroups. This group includes standards that streamline the accounting of investments and current assets, income and expenses, tax and pension liabilities, government subsidies, etc. For example, IFRS 2 "Inventories"; IFRS 7 Cash Flow Statements; IFRS 15 Information Reflecting the Effects of Changing Prices; IFRS 21 The Effects of Changes in Foreign Exchange Rates, etc.

2.5.2 Classification of IFRS by economic content

Classification of standards by economic content involves the grouping of standards by economic basis. The fact is that standards are developed to resolve certain accounting problems that arise in the course of economic relations. As you know, any production, economic and financial activity causes a whole range of economic relations. First of all, these include:

The relationship between the state and the enterprise. They are based on the interaction of the interests of the state, which models the development of the economy and forms the national budget, and the interests of an enterprise seeking to develop and increase its own capital;

The relationship between producers and consumers. They are based on the combination and opposition of the interests of the "seller" and "buyer", regulated by the supply and demand of goods;

The relationship between enterprises is horizontal, i.e. between partner enterprises. Based on the economic interest of both parties to make a good deal;

The relationship between the structural units of firms (segments of companies). Rely on a combination of the economic interest of each division in its own development and in the development of the entire company;

The relationship between the participants-contributors to the joint capital of the joint-stock company. Based on an interest in obtaining benefits in proportion to the capital invested;

The relationship between employer and employee. They are based on an analysis of the relationship developing between the buyer and the seller, and are based, as already noted, on the combination and opposition of their interests;

Relations between countries. The modern world economy has a high level of integration. The interaction of large companies from different countries affects the interests of not only individual firms, but also countries and continents as a whole.

It is possible to identify other groups of economic relations that arise in the course of production, economic and financial activities. However, even a simple listing of the main components of this complex shows what various and contradictory parties are interested in prompt and reliable accounting of the facts of the economic life of an enterprise, what difficulties may arise as a result of a different understanding of certain terms and economic phenomena, as well as when using different accounting methods.

The grouping of economic relations also predetermines the classification of standards by economic content. In our opinion, the following groups can be distinguished.

The first group is the basic accounting standards that disclose the fundamental principles of accounting, accounting policies and financial reporting.

The second group is the standards governing the accounting of transactions affecting the interests of the state and the enterprise. This group includes standards for accounting for income, taxes, public investment, etc.

The third group is the standards that establish accounting rules for issues affecting the interests of business partners. It is advisable to include in this group standards for accounting for results from joint activities, investments in other companies, etc.

The fourth group - standards aimed at accounting for transactions within companies: for accounting for segment activities, for accounting for transactions in a merger, etc.

The fifth group - standards that provide for regulation when accounting for the cost of wages and pensions.

The sixth group is the industry-specific standards. For example, the specifics of accounting in banking, insurance, construction, etc.

The seventh group - standards that consider the rules for maintaining accounting transactions that express the interests of the state and entrepreneurs at the international level: determining the accounting of foreign exchange transactions, accounting for the activities of joint ventures, etc.

It should be noted that the division of standards into these groups is conditional. However, such a classification makes it possible to more clearly represent the entire range of interrelated economic interests, which determines the construction of accounting standards.

The classification of standards according to their purpose and economic content applies to both international and domestic standards.

2.6 Standardization of Russian accounting

Russian accounting in the days of the planned economy met the requirements of the owner and the main user of financial statements - the state. Its construction was traditionally based on the European (continental) concept, according to which the state, and not public organizations, regulates the basic accounting standards. On the basis of instructions and recommendations, a unified accounting methodology for the financial reporting form was applied. At the same time, it would be wrong to consider the methodological base that existed at that time as a kind of standardization system. First of all, enterprises did not have the opportunity to choose methods, methods, accounting options, which is based on the recognition of uniform generally accepted accounting principles. In addition, in terms of status and content, previously existing documents could not meet the requirements for standards.

The first Russian standards - Accounting Regulations - appeared in 1994. These are PBU 1/94 "Accounting policy of the enterprise" and PBU 2/94 "Accounting for agreements (contracts) for capital construction". Both national standards were developed within the framework of the State Program for the Transition of the Russian Federation to the system of accounting and statistics adopted in international practice that meets the requirements of the development of a market economy, and entered into force on January 1, 1995.

Subsequently, the Regulations on accounting "Accounting for property and liabilities of the organization, the value of which is expressed in foreign currency" - PBU 3/95 (revised in 2000), as well as PBU 4/96 "Financial statements of the organization" (revised in 1999 .).

A new stage in the standardization of Russian accounting is associated with the preparation and adoption of the Accounting Reform Program in accordance with International Financial Reporting Standards. During this period, PBU 5/98 “Accounting for inventories” (revised in 2001) and PBU 6/97 “Accounting for fixed assets” (revised in 2001) appear.

Accounting Regulations PBU 7/98 "Events after the reporting date" and PBU 8/98 "Contingencies of economic activity" (revised in 2001) introduced new concepts into the system of regulatory regulation of accounting and disclosed the possibility of reflecting their consequences through accounting in the financial statements.

An important moment in the process of standardization of Russian accounting is the development and introduction from January 1, 2000 into force of PBU 9/99 "Income of an organization" and PBU 10/99 "Expenses of an organization". These documents determined the basic categories of accounting for financial results, as well as the structure and content of Form No. 2 of the financial statements.

Issue PBU 12/2000 "Information on segments", PBU 13/2000 "Accounting for state aid", 14/2000 "Accounting for intangible assets", PBU 15/2001 "Accounting for loans and credits and their servicing costs", PBU 16/2002 "Information on discontinued operations", PBU 17/2002 "Accounting for research, development and technological work", PBU 18/2002 "Accounting for income tax calculations", PBU 19/2002 "Accounting for financial investments", testifies to the further development of accounting standardization in accordance with the Accounting Reform Program in accordance with IFRS.

In 2003, the following Russian standards are expected to be developed and put into effect for the reports for the period starting from January 1, 2004: RAS for the formation of interim financial statements; RAS on accounting and reporting investments in joint ventures and in affiliates, as well as guidelines for the preparation of financial statements during the reorganization of an enterprise, on the formation of consolidated statements by the Group of enterprises in accordance with IFRS, guidelines for accounting for the impact of inflation on financial statements ; methodological recommendations for the accounting and calculation of costs for the production of products, works, services.

As the analysis shows, Russian accounting standards interact with international ones in the following way. According to option 1, two or more national standards correspond to one international accounting standard. For example, IFRS 1 “Presentation of financial statements” in Russian accounting is disclosed by PBU 1/98 “Accounting policy of the organization” (in terms of the applied accounting principles) and PBU 4/98 “Reporting of the organization” (in terms of the composition and content of the statements).

Under option 2, one PBU complies with two or more international accounting standards. Thus, IFRS 1 “Presentation of Financial Statements” sets out the accounting principles, IFRS 8 “Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies” shows the factors influencing changes in accounting policies and the procedure for reflecting the impact of changes in financial statements. All this is reflected in PBU 1/98 "Accounting policy of the organization". Or one more example. PBU 6/97 "Accounting for Fixed Assets" was developed on the basis of several international standards: IFRS 4 "Depreciation", IFRS 16 "Fixed Assets", IFRS 17 "Leases".

According to option 3, the Accounting Regulations (11BU) comply with one international accounting standard. Such interconnection patterns are common. For example, IFRS 2 "Inventories" and PBU 5/98 "Accounting for inventories"; IFRS 14 “Segment reporting” and PBU 12/2000 “Information on segments”; IFRS 21 "The Impact of Changes in Foreign Exchange Rates" and PBU 3/2000 "Accounting for Assets and Liabilities, the Value of Which is Denominated in Foreign Currency", etc.

National Russian standards do not copy international ones, but have their own characteristics that allow preserving the historically established culture of accounting.

2.7 Place of standards in the system of concepts and normative documents

Accounting standards are the main links of the accounting regulation system (Fig. 4).

A concept (from the Latin conceptio - understanding, system) should be understood as a system of views on processes and phenomena in society. With regard to accounting, this means a system of views on the goals, accounting objectives, priority of users, the composition and content of reporting information, the frequency of financial statements, etc.

Accounting concepts can be divided into general and specific.

General accounting concepts reflect belief systems in several countries; private - a system of views in one country.

From the whole variety of accounting concepts, there are two general concepts that dominate in the world theory,

The continental (European) concept (model) of accounting is based on the fact that the degree of government interference in accounting practice is high. It assumes the application by all enterprises of the state of a single chart of accounts, the same procedures for recording transactions. The model assumes that financial statements should be oriented towards meeting the information needs of tax and other government agencies. As a result, accounting practices in some countries differ significantly from those in other countries. This accounting model underlies the organization of accounting in Germany, Austria, other European countries, as well as in Japan.

The essence of the American concept is that reporting is focused on meeting the information needs of investors and creditors of an enterprise. The tasks of the tax system are solved separately and independently of the solution of the tasks of financial accounting. The financial accounting system is based on GAAP (Generally Accented Accounting Principals). This model is followed in the USA, Great Britain, the Netherlands, Canada, India, Australia, South Africa, etc.

Each separately taken country, focusing on one or another accounting model, as a rule, develops its own private accounting concept. So, for example, in the United States for the period from 1978 to 1985, 6 Regulations on financial accounting concepts were developed, 5 of them are currently in force:

Regulation 1 “Purposes of preparation of financial statements by commercial organizations”.

Regulation 2 “Qualitative characteristics of financial information”.

Regulation 4 “Purposes of preparation of financial statements by non-profit organizations”.

Regulation 5 "Principles of reflection and assessment of information in the financial statements of commercial organizations".

Regulation 6 "Elements of Financial Statements" (replaced the previous Regulation 3).

The Russian accounting model has historically (since its inception) been oriented towards the European one. However, in recent years, Russian accounting has increasingly focused on meeting the information needs of investors, and tax accounting has become an independent area.

Based on the adopted concept, in individual countries, legislative acts are formed on the organization and maintenance of accounting (this is more often observed in the continental model). In Russia, for example, the Federal Law “On Accounting” has been adopted. Variants are possible in which the state does not issue laws in the field of accounting, since public organizations are recognized as the main accounting regulatory bodies (as provided for in the American accounting model).

The subordinate link is considered to be internal accounting standards, as they are developed in each country in accordance with the applicable concept and laws.

The next link is considered methodological guidelines, recommendations and instructions issued by the state (to a greater extent the continental accounting model) and public organizations (to a greater extent the American accounting model).

The lower link in the hierarchy of accounting regulations are documents issued by the enterprise. Among them, the most important is the order on the accounting policy of the organization, which legally enshrines the selected accounting methods. Ultimately, accounting information recorded in financial statements is governed by both international and domestic standards and other documents. Thus, all links of the accounting regulation mechanism are interconnected and interdependent.

Annex 1.

Concept (Principles) of preparation and presentation of financial statements IFRS

From the Preface of the Principles:

Financial statements are prepared and presented to external users by many companies around the world. While these financial statements may appear to be the same in different countries, there are differences, probably due to different social, economic and legal conditions. In addition, in different countries, when setting national standards, they are guided by different users of financial statements.

These different conditions have led to the emergence and use of a variety of definitions of elements of financial statements, such as assets, liabilities, equity, income and expenses. This has also led to the use of different criteria for the recognition of items in financial statements in preference to different measurement systems. The scope of application of the financial statements and the disclosures carried out in it were not left without attention.

The International Accounting Standards Committee (IASB) aims to narrow these differences by converging rules, accounting standards and procedures related to the preparation and presentation of financial statements. The members of the committee are confident that further harmonization can best be achieved by focusing on financial statements prepared in order to provide information necessary for economic decision-making.

The members of the IASB's Board are confident that the financial statements prepared for these purposes satisfy the requirements of the majority of users. This is due to the fact that almost all users make economic decisions, for example, such as:

(a) when to buy, hold or sell shares;

(b) assessing the quality and accountability of management;

(d) evaluating the collateral for the amounts lent to the company;

(e) determination of tax policy;

(f) determining the amount of distributable profits and dividends;

(g) preparation and use of gross national income statistics; or

(h) regulation of the company's activities.

However, the Board recognizes that governments, in particular for their own needs, may define other or additional requirements. However, these requirements should not have an impact on financial statements published to other users unless they also meet the needs of those other users.

The financial statements are usually prepared in accordance with an accounting model based on recoverable actual cost and a concept of maintaining nominal financial capital. Perhaps other models and concepts are more suited to the task of providing information commonly used to make economic decisions, however, there is currently no consensus on the need for any changes. These principles have been designed to be applicable to a wide range of accounting models and concepts of capital and capital maintenance.

From the Introduction to the Principles:

Purpose and status

1. These Principles define the fundamental principles for the preparation and presentation of financial statements for external users. They are designed to:

(a) assist the IASB Board in developing future International Financial Reporting Standards and in revising existing International Financial Reporting Standards;

(b) assist the IASB Board in promoting the harmonization of rules, accounting standards and procedures related to the presentation of financial statements by providing a framework for reducing the number of alternative approaches to accounting interpretation permitted by International Financial Reporting Standards;

(d) assist preparers of financial statements in the application of International Financial Reporting Standards and in dealing with topics that are yet to be the subject of future International Financial Reporting Standards;

(e) to assist auditors in forming an opinion on the conformity or non-conformity of the financial statements with International Financial Reporting Standards;

(f) assist users of financial statements that are prepared in accordance with International Financial Reporting Standards in the interpretation of the information contained therein; and

(g) provide those interested in the work of the IASB with information on its approaches to the formulation of International Financial Reporting Standards.

2. These Principles are not International Financial Reporting Standards and therefore do not set standards on any particular measurement or disclosure issue. Nothing in this document supersedes any particular International Financial Reporting Standard.

3. The IASB's Board recognizes that, in some cases, this document may conflict with any International Financial Reporting Standard. In these cases, the requirements of the International Financial Reporting Standard will prevail over the requirements of this document. However, as the IASB will be guided by this document in the development of future International Financial Reporting Standards and in the revision of existing Standards, the number of such inconsistencies will decrease over time.

1990 - early 2000 in the field of accounting and reporting in the Russian Federation there have been significant changes, largely predetermined by the Program for reforming accounting in accordance with International Financial Reporting Standards, approved by the Government of the Russian Federation dated March 6, 1998 N 283. Despite some progress in the development of c. ..

Government of the Russian Federation from 06.03.98. No. 283. The main goal of the accounting reform is to bring the national accounting system in line with international financial reporting standards and the requirements of a market economy. In accordance with this goal, the main tasks of the reform are defined as follows: - formation of a system of national accounting and reporting standards, ...

Federal Agency for Education

State educational institution of higher professional education "Belgorod State Technological University named after V.G. Shukhov "

Department of Accounting and Auditing

TEST

in the discipline "International Accounting and Financial Reporting Standards"

on the topic: "Types of international financial reporting standards and prospects for their development"

Option 3

Performed:

student gr. ABz-41u

Denisenko A.S.

Checked:

Belgorod 20___

Introduction …………………………………………………………………

International Financial Reporting Standards …………………

Procedure for creating IFRS ……… .. ………………………………… ..

Classification of IFRS …………………………………………………

Classification of IFRS by purpose ……………………………….

Classification of IFRS by economic content .....................

3. Prerequisites for international unification of standards in the field

accounting and reporting ………………………………………………… ............

Conclusion……………………………………………………………...

Used Books……………………………………………..

Introduction

Recent years have been marked by increased attention to the problem of international unification of accounting. Business development, accompanied by the increasing role of international integration in the economic sphere, makes certain requirements for the uniformity and clarity of the principles of formation and algorithms for calculating profits, tax base, investment conditions, capitalization of earned funds, applied in different countries, etc.

Many Western investors and bankers believe that accounting in Russia does not meet international standards, the financial statements of Russian organizations do not reflect their real property and financial situation and, in general, is "not transparent and not reliable." The pressure of international monetary and banking organizations led to the need for Russia to switch to international accounting standards, mass retraining of accountants and auditors.

It should be noted that International Financial Reporting Standards (IFRS) are a set of compromise and fairly general accounting options. IFRS are not a dogma, normative documents governing specific methods of accounting and reporting standards. They are only advisory in nature, i.e. are optional. On their basis, national standards with more detailed regulation of accounting for certain objects can be developed in national accounting systems.

Decree of the Government of the Russian Federation of March 6, 1998 No. 283 approved the Accounting Reform Program in accordance with International Financial Reporting Standards (IFRS). The application of these standards by the management of a modern Russian commercial organization allows a large number of users to view its public statements as compiled on the basis of generally accepted principles and requirements for disclosure of information about the financial position, financial performance and changes in the financial position of the organization. At the same time, the chief accountants of organizations - residents of the Russian Federation, operating in foreign commodity markets, or having a stake in the authorized capital of foreign owners, are faced with the need to generate financial statements in formats offered by foreign users.

The purpose of this work is to study the types of international financial reporting standards and the prospects for their development.

1. International Financial Reporting Standards

Large corporations, having begun to actively use international capital markets in their interests at the end of the 60s of the XX century, faced the problem of inconsistency of national models of accounting, financial reporting and audit. Therefore, in 1973, professional accounting organizations of 10 countries formed the Collegium for International Financial Reporting Standards as an independent body of private law (London), which currently unites about 150 members from more than 100 countries: Australia, Canada, France, Germany, Japan. , Mexico, Holland, UK and Ireland, USA, etc.

The main functions of the International Financial Reporting Standards Board (hereinafter - IASB) are:

consideration of financial reporting issues and, if necessary, the appointment of a steering committee to develop a preliminary version;

discussion and publication of the preliminary version of the standards, their adoption, revision and cancellation.

IASB has developed 41 international financial reporting standards (hereinafter - IFRS). The developed IFRS are compatible with both EU directives and US Generally Accepted Accounting Standards (GAAP).

The work of the IASB on comparability and improvement of standards continues, as at present, as a result of the widespread introduction of modern communication technologies, the requirements for a uniform interpretation of the financial statements of companies have increased significantly. Increasingly, investing is carried out in real time via the worldwide electronic network, which is another strong argument for the unification of accounting standards. In the very near future, doing business at the international level will be impossible without the use of uniform accounting standards applicable regardless of the country. IFRS, which are developed by the IASB, are recognized worldwide as an effective toolkit for providing transparent and understandable information about the activities of companies. In fact, IFRS are only recommendations that have no legal force, however, at present, in international economic law, they have reached the status of the so-called "soft" law.

The widespread dissemination of IFRS was facilitated, in particular, by the growth of the need to attract capital from other countries and access to the exchange market, because IFRS make information for external users more open. As a result, users can assess the quality or efficiency of the company's management and decide to keep or sell shares in the company, keep the company's management in office or replace them.

IFRS, as already noted, are advisory in nature, and countries can independently decide on their use. But since IFRS is a generalized practice of accounting for the most developed accounting systems in the world (American and European), it is quite obvious that their blind copying can negatively affect the national accounting practice. Therefore, the basis for the transition to international standards should be the recognition of the general principles of preparation and preparation of financial statements. In accordance with these principles, "the purpose of financial reporting is to provide information about the financial position, results of operations and changes in the financial position of a company. This information is needed by a wide range of users when making economic decisions." investors, employees, lenders, suppliers and other trade lenders, buyers, governments and their authorities, the public.

In order for information to be used at the international level, it must meet such qualitative characteristics as comprehensibility, relevance and significance, validity or reliability, comparability or comparability.

Many financial institutions are already lending to enterprises only when they submit financial statements prepared in accordance with IFRS. For example, when providing a loan to a Russian company, the European Bank for Reconstruction and Development, which has invested about US $ 3 billion in the Russian economy, requires the submission of audited annual financial statements prepared in accordance with IFRS, as well as maintaining a certain level of financial ratios calculated using IFRS.

Despite the increasing spread of IFRS, a number of countries are still in no hurry to move to new standards. These are the USA, Canada and the UK. The American System of Accounting (GAAP) is one of the leading in the world. It occupies a strong position, first of all, thanks to the largest and most developed market in the world, which offers the most favorable conditions for raising capital. Therefore, many foreign companies wishing to place their securities on the US market incur significant costs to transform their financial statements in accordance with GAAP. The Financial Accounting Standards Committee of the United States has repeatedly expressed that it is this organization that should issue international standards for use in the capital markets.

1.2. Procedure for creating IFRS

The procedure for developing an International Financial Reporting Standard is as follows:

(a) The Board shall establish a Preparatory Committee. Each Preparatory Committee is chaired by a representative of the Board and typically includes representatives from the accountant / auditor associations from at least three other countries. In addition, the Preparatory Committees may include representatives from other organizations who are either represented on the Board or specialized in the topic;

(b) The Preparatory Committee identifies a range of controversial issues related to this topic and considers them from the perspective of the Principles for the Preparation and Presentation of Financial Statements. In addition, the Preparatory Committee examines the relevant accounting requirements and practices at the national and regional levels. After considering all contentious issues, the Preparatory Committee may submit its Point Outline to the Board;

(c) upon receipt of Board comments on the Outline of the Matters, the Preparatory Committee shall prepare and publish the Draft Statement of Principles. This document defines the fundamental principles of the new standard, on the basis of which the Exposure Draft is formed. It also describes alternative solutions and provides the pros and cons for making them. Comments from all interested parties are welcomed during the entire project discussion period, which usually lasts about three months. To amend the current International Financial Reporting Standard, the Board may instruct the Preparatory Committee to develop a "Preliminary Draft" without publishing the "Draft Core Principles" or any other document;

(d) The Preparatory Committee reviews comments on the Draft Core Principles or other document and generally adopts the final Core Principles, which are submitted to the Board for approval and used as the basis for the preparation of the Draft Draft of the proposed International Financial Reporting Standard. ... Those interested can get the final version of the Basic Principles, but this document is not officially published;

The Preparatory Committee develops a "Preliminary Draft" for Board approval. An revised Draft Draft is subject to publication if two-thirds of the Board members support it. Throughout the entire period of discussion of the "Preliminary Draft", which is at least one to three months, comments from all interested parties are accepted;

The Preparatory Committee reviews the comments received and submits the draft International Financial Reporting Standard for consideration by the Board. A standard, as amended, is published if approved by a three-fourths majority of the Board.

In doing so, the Board can either determine the need for further consultation on the topic under consideration, or decide to publish the Issues Paper or Discussion Paper. It may be necessary to publish two or more Preliminary Drafts to prepare the International Financial Reporting Standard. An exception is when the Board is considering relatively immaterial matters: then a Preparatory Committee need not be formed. However, the Board always publishes a Preliminary Draft before finalizing the Standard.

2. Classification of IFRS

Accounting standards have been developed over the years and with different functional goals. At the same time, having analyzed the international and national systems of standardization, it can be concluded that their structures are of the same type and that it is possible to classify standards according to the same characteristics.

The whole set of standards can be classified according to their purpose and economic content.

2.1. Classification of IFRS by purpose

The classification of standards according to their purpose assumes that the purpose or purpose of the standard acts as a classification feature. On this basis, the following blocks can be distinguished.

Block1- the standards that form the international principles of accounting. The block contains the following international financial reporting standards (hereinafter IFRS) - IFRS 1 "Presentation of financial statements", which has been reissued and is effective from 01.01.98. The information contained in this standard is basic, fundamental for accounting. The same group can include IFRS 8 "Net profit or loss for the period, fundamental errors and changes in accounting policies" (Net Profit or Lost for the Period, Fundamental Error and Changes in Accounting Policies).

Block2- standards governing the composition and content of financial statements. The block includes standards: IFRS 10 “Contigencies and Events Occuring After the Balance Sheet Date”; IFRS 14 “Reporting Financial Information by Segment”; IAS 27 “Concolidated Financial Statements and Accounting for Investments in Subsidiaries”; IFRS 29 Financial Reporting in Hyperinflationary Economics; IFRS 30 “Disclosures in the Financial Statements of Banks and Similar Financial Institutions”; IFRS 31 Financial Reporting of Interests in Joint Ventures.

This group of standards has a basic, fundamental significance, because it is it that is considered the key to understanding the financial statements of any state that applies international standards in organizing accounting.

Block 3 - standards defining the rules for accounting for individual objects. The largest group, which in turn can be subdivided into subgroups. This group includes standards that streamline the accounting of investments and current assets, income and expenses, tax and pension liabilities, government subsidies, etc. For example, IFRS 2 "Inventories"; IFRS 7 Cash Flow Statements; IFRS 15 Information Reflecting the Effects of Changing Prices; IFRS 21 The Effects of Changes in Foreign Exchange Rates, etc.

2.2. Classification of IFRS by economic content

First of all, these include:

- the relationship between the state and the enterprise. They are based on the interaction of the interests of the state, which models the development of the economy and forms the national budget, and the interests of an enterprise seeking to develop and increase its own capital;

- the relationship between producers and consumers. They are based on the combination and opposition of the interests of the "seller" and "buyer", regulated by the supply and demand of goods;

- the relationship between enterprises horizontally, i.e. between partner enterprises. Based on the economic interest of both parties to make a good deal;

- the relationship between the structural units of firms (segments of companies). Rely on a combination of the economic interest of each division in its own development and in the development of the entire company;

- relations between participants-contributors to the joint capital of the joint-stock company. Based on an interest in obtaining benefits in proportion to the capital invested;

- the relationship between employer and employee. They are based on an analysis of the relationship developing between the buyer and the seller, and are based, as already noted, on the combination and opposition of their interests;

- relations between countries. The modern world economy has a high level of integration. The interaction of large companies from different countries affects the interests of not only individual firms, but also countries and continents as a whole.

The grouping of economic relations also predetermines the classification of standards by economic content... In our opinion, the following groups can be distinguished.

1. basic accounting standards that disclose the fundamental principles of accounting, accounting policies and financial reporting.

2. standards governing the accounting of transactions affecting the interests of the state and the enterprise. This group includes standards for accounting for income, taxes, public investment, etc.

3. standards that establish accounting rules for issues affecting the interests of business partners. It is advisable to include in this group standards for accounting for results from joint activities, investments in other companies, etc.

4. Standards aimed at accounting for transactions within companies: for accounting for segment activities, for accounting for transactions in a merger, etc.

5. standards providing for regulation in the accounting of labor and pension costs.

6. Standards reflecting industry specifics. For example, the specifics of accounting in banking, insurance, construction, etc.

7. standards that consider the rules for maintaining accounting transactions that express the interests of the state and entrepreneurs at the international level: determining the accounting of foreign exchange transactions, accounting for the activities of joint ventures, etc.

It should be noted that the division of standards into these groups is conditional. However, such a classification makes it possible to more clearly represent the entire range of interrelated economic interests, which determines the construction of accounting standards.

The classification of standards according to their purpose and economic content applies to both international and domestic standards.

3. Prerequisites for international unification of standards in the field of accounting and reporting

In the second half of the XX century. the history of the development of accounting has entered a new phase - the phase of international unification.

This was facilitated by objective prerequisites, among which should be highlighted:

The development of the world productive forces has reached a level at which economic processes have become comprehensive, global and international;

The mutual penetration of capitals of different countries in the form of production, capital and financial investments has become widespread, and the creation of systems of international lending and economic regulation has led to the intensive development of the Common Market;

The emergence of integrated joint ventures, corporations, transnational companies contributed to the further interdependence of the economies of different countries;

Free conversion of currencies of leading countries, as well as the introduction of a single European currency, Euro, stimulated the further strengthening of international economic ties at any level;

The need to implement interethnic programs in the social and economic spheres, in space exploration predetermined the need for unified approaches to the management of economic processes.

At the same time, the existence of several models of accounting (financial) accounting has become a significant obstacle to the development of these processes, among which, first of all, we note the free movement of capital from one country to another.

Under these conditions, accounting, recognized as a powerful information base, could not remain within the framework of national principles and rules.

Conclusion

Changes in the economic system of the Russian Federation led to changes in the activities of enterprises, which had to be adequately reflected in accounting. And accounting in Russia has indeed undergone a fundamental change.

Nevertheless, today's accounting system in Russia has its own specifics, which is associated with its origin from accounting in a planned economy. Not all of the "remnants" of the old system are really relics, the Russian and Soviet schools of accounting theory have developed some concepts and methods that have not lost their significance today, moreover, they are gradually beginning to spread in accounting practice in developed countries.

Also, some of the differences are nominal in nature, boil down to the difference in terms and concepts. A good example is the fact that in Russia equity capital is an integral part of a firm's liabilities, while in the United States it is an equal source of enterprise resources along with liabilities, which include only accounts payable.
But some features of the modern Russian accounting system objectively reduce its value for participants in economic turnover and impede the normal development of the economy. At the same time, the economic system of Russia continues to change intensively, new types of economic activity appear, which should be adequately reflected in the accounting.

From this point of view, consideration of international experience is extremely interesting, since much of it can be usefully adopted for use in Russia.

Naturally, borrowing should not be blind, but should take into account the specifics of the Russian business environment.

It should be understood that management begins with the receipt and perception of information, it includes making a decision based on information and ends with monitoring the implementation of this decision also based on relevant information.

The purpose of accounting is to create an information base for management.

Currently, financial statements are the only supplier of documented and systematically provided economic information on the actual availability and use of property and resources of the organization, on business processes and results of activities, on debt obligations, settlements and claims.
Management accounting is a logical consequence of the development of accounting and reporting, its evolution.

The complication of economic ties and the mechanism of market relations, the emergence of new market instruments, methods and means of managing production and economic activities have caused the need for additional information to ensure the successful functioning of the enterprise in these conditions.

Bibliography

1. Federal Law "On Accounting" dated 21.11.1996 No. 129-FZ.

2. Regulations on accounting and financial reporting of the Russian Federation, approved by order of the Ministry of Finance of the Russian Federation of July 29, 1998 No. 34n.

3. Regulation on accounting "Financial statements of the organization", approved by order of the Ministry of Finance of the Russian Federation dated 06.07.1999 No. 43n (PBU 4/99)

4.Accounting: Textbook / A.S. Bakaev, P.S. Bezrukikh. - 4th ed., Rev. and add. - M .: Accounting, 2002.

5. Kuter MI, Taranets NF, Ulanova IN Accounting (financial) statements: Textbook. allowance. - M .: Finance and statistics, 2005 .-- 232 p.

6. Sorokina EM Accounting and financial statements of organizations: Textbook. allowance. - M .: Finance and statistics, 2006 .-- 336 p.

7. Marenkov N.M. "International standards of accounting and financial reporting." - M.: MGU. 2008. – 420s.

international

standards

reporting

International standards financial reporting (13)
Coursework >> Financial Sciences
... development international standards accounting ( financial) reporting... Concept " International standards financial reporting " includes ... follow-up their sale is the main kind ... reporting in the Russian Federation for a medium-term perspective ...
International standards financial reporting for credit institutions
Abstract >> Banking
In the short term perspective given decision ... location, view collateral ... their value). In conclusion, I would like to note that the process of creating a reserve in accordance with International

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

Classification of International Financial Reporting Standards

Depending on the nature, content and other criteria, IFRS can be classified, i.e. group in different directions. From the Latin word "classification" means a system of subordinate concepts (classes, objects, phenomena) in any branch of knowledge. In other words, classification implies the distribution of certain objects according to their classes (sections), depending on their common features, which fix the regular connections between them in a single system.

In various sources of information on the issues of IFRS, the term "classification" is interpreted in different ways. This seems to be due to the fact that standards have been developed over the years and with different functional goals.

Summarizing, we can say that all varieties of IFRS classifications are aimed at highlighting the uniformity of the structure and characteristics of standards, making a clear understanding of accounting in accordance with international rules.

In other words, the classification of IFRS is a possible grouping of standards according to some similar criteria in relation to certain conditions.

The classification of standards by purpose involves the division of standards according to certain accompanying features.

At the same time, as can be seen from Figure 2, the following blocks are distinguished:

1) general methodological standards, which are based on the formation of international accounting principles;

2) standards governing the composition and content of financial statements;

3) standards that determine the rules for accounting for individual objects. Due to the large number of objects taken into account, this group can be subdivided into additional subgroups.

Classification of standards by purpose

Along with the above classification of standards by purpose, they can be classified by their economic content, which are based on a grouping that implies the solution of accounting problems arising in the course of economic relations. For example, such a set of relationships can include the relationships presented in the work of M.I. Kutera "Theory of accounting".

This classification is based on the following division of the relationship between:

The state and the enterprise, assuming the interaction of certain interests in the formation of the national budget;

By commodity producers and consumers, based on the combination and opposition of the interests of the seller and the buyer, regulated by the demand and supply of goods;

Enterprises horizontally, i.e. between partner enterprises, which are based on an economic interest in making a profitable deal;

Structural links of the company (segments), aimed at their own development separately and the development of the company as a whole;

Participants-investors in the joint capital of a joint-stock company, based on an interest in obtaining benefits, in proportion to the capital invested;

Employer and employee, based on a combination of mutually beneficial and interrelated interests;

Countries associated with a high level of integration and interdependence not only of individual firms, but also of states and continents as a whole.

Along with the listed groups of economic relations, it is possible to single out other subgroups that arise in the process of production and economic activities of subjects.

At the same time, the practice of applying the standards shows that various opposing parties, due to the predominance of personal interests, perceive different economic phenomena and terms given in IFRS in different ways.

This is reflected in the application of the accounting methods described in the standards.

Consequently, the division of standards into different ones should be aimed at giving a clearer picture of interrelated economic interests both at the international level and at the level of its application within the state.

At the same time, the essence and content of the standards are required to describe various aspects of correct accounting in an international context.

Qualitative characteristics of IFRS financial statements: information comprehensibility.

In the relevant section of the Principles it is noted: “the main quality of information presented in the financial statements is its availability for understanding by users”. Obviously, the users of accounting information are completely different. "The type of user is a key factor in decisions about what information to present, since the perceptibility (comprehensibility) of information depends on the quality of the user."

The question arises: what is accessibility and where are the boundaries of this concept? Can we talk about the need to provide accessible information for an economically unskilled user who, for example, decides to buy shares in a company? IFRS defines the specific boundaries of this concept, in fact referring it to the professional financial field - "users should have sufficient knowledge in the field of business and economic activities, accounting and a desire to study the information with due diligence."

Moreover, as we will be able to see in the future, the content of accounting information generated in accordance with IFRS and the formulation of the standards themselves are not simple even from the point of view of a specialist in the field of accounting and finance. However, the text of IFRS explicitly states: “information on complex issues that should be reflected in the financial statements due to their importance for economic decisions by users should not be excluded just because it may be too difficult for certain users to understand”.

IFRS: relevance of information.

The standards say that to be useful, information must be relevant to decision-makers. In turn, relevant information is information that influences the economic decisions of users, helping them to evaluate past, present and future events, to confirm or correct their past estimates.

First of all, it is necessary to note here the high proportion of relativity of the given definitions. The degree of influence of specific information on the decisions made is determined by the type of user of credentials and his interests in a specific economic situation.

In addition, in each specific economic situation, the relevance of information is determined by the degree of its analyticity. Excessive analytic data can make information redundant for the user. This factor, first of all, determines the structure of the elements of financial statements and the degree of aggregation of its indicators. Consider, for example, information about the structure of a company's assets. This information is both valuable to users in terms of forming an opinion about the company's ability to generate income in the future, and confirms past forecasts regarding, for example, the possible structural organization of the company or the result of planned operations.

At the same time, information about the financial position and performance in past periods is often used to predict the future financial position and financial results, as well as other aspects of the state of affairs in the company that are of direct interest to users of financial statements. These include dividend and wage payments, stock price dynamics and the company's ability to meet its obligations in due time.

The standards specifically state that in order to have predictive value, information does not need to be in the form of an explicit prediction. However, the ability to predict from financial statements is enhanced by the manner in which information about transactions and past events is presented. For example, the forecast potential of the income statement is enhanced if non-standard, unusual and uncommon items of income or expense are disclosed separately.

As a characteristic of accounting information that affects its relevance, the Principles refer to the materiality of accounting data. This category is completely new for Kazakhstani practice. It determines the ability of the reporting data to influence the user's opinion about the state of affairs in the company. Information that cannot influence the economic decisions of the user of the financial statements is considered immaterial. Thus, information is considered essential (and therefore its reflection in the reporting is necessary, and its absence makes the reporting unreliable), if knowledge of this information can be important for users of accounting reports. Material information can change the user's judgment based on the company's reporting data. Materiality can also be considered in relation to problems arising from the limited ability of certain users to understand in detail a significant amount of information. Too much and too little data can mislead the user. With too much data, articles that are critical for making a decision may not be obvious, and the user may make erroneous decisions based on inadequate data. At the same time, too little information does not provide reliable forecasting and informed decision-making. Thus, the materiality criterion introduces restrictions on the amount of information reflected in the financial statements. For example, when assessing the overall picture of the company's solvency, the user does not need detailed information about the composition of its creditors.

Materiality is also associated with the significance of changes in estimates, the correction of errors in the reports of previous periods, or with different ways of presenting quantitative data and different descriptions in the reporting. These changes, corrections and descriptions are considered material if they are large enough and important enough to influence the decisions of users of the reporting.

Of course, the materiality of information is to a certain extent a subjective criterion. So, continuing the example with creditors, we can say that in order to assess the company's compliance with the payment schedule, data on the composition of creditors, on the contrary, will be important for the user of the information. Thus, as noted in the standards, “materiality rather indicates a threshold and point of reference, and is not the main qualitative characteristic that information must have in order to be useful”.

It is also important to note that the consideration of specific information as material or immaterial reflects the professional judgment (opinion) of the accountant who prepares these statements, or the auditor who confirms it. These people should make decisions in the best interest of the users of the reporting.

The relevance of information is strongly influenced by its nature. In some cases, the nature of the information alone is sufficient to determine its relevance. For example, the announcement of a new segment of the company's business may affect the assessment of the risks and opportunities available to the company, regardless of the materiality of the results achieved by the new segment during the reporting period.

IFRS: Reliability of Information.

To be useful to users for making management decisions, information must be reliable. According to the standards, "information is reliable when it is free of material errors, misstatements, and when users can rely on it to represent truthfully what it either should represent, or is reasonably expected to represent it." Here you should immediately pay attention to the possible situation of contradiction of such characteristics of information as relevance and reliability. The information can be relevant, that is, it can influence the user's decision, but it is so unreliable that it can be potentially disorienting to take it into account. For example, if the validity and size of a claim for damages pending in court are disputed, it may not be practical for the company to recognize the full amount of the claim on the balance sheet, although it may be appropriate to disclose the amount and circumstances surrounding the claim.

The Principles identify five components of the reliability of accounting information: truthful presentation, essence over form, neutrality, discretion, and completeness.

True representation.

As stated in the standards, "to be reliable, information must faithfully represent transactions and other events that it must either represent, or it is reasonably expected to represent." This definition is clear and understandable. But only as long as we do not ask ourselves the question of what is true information about the financial situation of an enterprise. Apparently, truthful information can be called information that corresponds to the real state of affairs in the company. However, familiarity with accounting methodology shows that there is always the possibility of only a certain degree of such compliance. Thus, the degree of veracity of credentials is largely a methodological issue.

The text of IFRS also draws attention to these circumstances. The Principles note that most financial information is at risk of not being as truthful as it is supposed to be. It is not a result of corruption, but rather an inherent difficulty either in identifying operations and other events to be measured, or in choosing and applying measurement and presentation methods that can convey messages corresponding to those operations and events. In certain cases, the value of the valuation of objects is so uncertain that the company as a whole cannot recognize it in the financial statements, given its actual existence. For example, although most companies build up their business reputation (goodwill) over time, it is usually very difficult to measure it reliably. However, in other cases, such as the existence of pending litigation against the company, it may be appropriate to recognize the relevant articles and disclose the risk of error associated with their recognition and measurement.

The predominance of essence over form.

The predominance of essence over form is a principle that fundamentally divides accounting methodology on a continental basis (European and Anglo-American schools). We examined its significance in detail in the article "The principle of the priority of content over form in Russia." The text of the Principles literally reads: "If information is to faithfully represent transactions and other events, then it is necessary that they be accounted for and presented in accordance with their essence and economic reality, and not just their legal form."

As noted in the standards, the essence of transactions and other events does not always correspond to what follows from their legal form. For example, an entity may sell an asset to another entity in such a way that the documents imply a transfer of ownership of the asset to that entity. However, there may be agreements that guarantee the company will retain the right to use the economic benefit embodied in that asset. Under such circumstances, the information about the completed sale of the asset cannot be considered truthful.

It should be noted that this approach practically excludes the possibility of influencing the content of the accounting information of the company's contractual policy. At the same time, as follows from the above text of the standards, the influence of the legal content of the facts of economic life on the content of accounting information is not completely excluded. Understanding it is necessary to adequately assess the impact of facts on the financial position of the company. If the economic and legal content of information about the fact of economic life contradicts, preference should be given to its economic component.

Neutrality.

According to the standards, in order to be reliable, the information contained in the financial statements must be neutral, that is, unbiased. At the same time, the information presented in the financial statements cannot be regarded as neutral if its selection or presentation influences the decision-making or the formation of judgments by the user of the statements in order to achieve the planned result.

These provisions of the standards completely change the traditional for modern Russian practice ideas about the goals of the accounting policy of the enterprise. As in Russia, so in Kazakhstan, accounting policy is viewed as nothing more than a legal way to manipulate the financial results of a company and assessments of the elements of its financial position presented in the reporting, in order to influence the opinion of users about the state of affairs of the company and the decisions they make, first of all, in the field of making investments and providing loans of various forms. However, the reporting formed on the basis of this approach can in no way be recognized as neutral and in the interests of users who are deliberately trying to mislead.

Thus, the goal of accounting policy in accordance with IFRS is to maximize the approximation of the content of accounting information to the real state of affairs in the company.

Discretion.

In the article "The Principle of Conservatism" we examined in detail the theoretical foundations of this requirement for accounting information. Today, in our practice, the implementation of the principle of conservatism translates into the prescriptions of regulatory documents on the compulsory accrual of estimated reserves (reserve for doubtful debts, reserve for impairment of investments in securities and reserve for impairment of reserves). The interpretation of this characteristic of financial statements in IFRS is somewhat broader: "Prudence is the introduction of a certain degree of caution in the process of forming judgments necessary in the production of calculations required in conditions of uncertainty, so that assets or income are not overstated, and liabilities or expenses are understated" ... Perhaps the most accurate definition of the idea of conservatism in existence is this: “Conservatism boils down to the fact that accountants should reflect the lowest possible values of assets and income and the highest possible values of liabilities and expenses. It also means that expenses should be fixed sooner rather than later, and revenues, on the contrary, rather late than early. "

The text of the Principles specifically states that preparers of financial statements are forced to deal with the uncertainties that inevitably surround many events and circumstances (receipt of doubtful debts, the probable life of machinery and equipment, the number of possible warranty claims, etc.). Such uncertainties are recognized by disclosing their nature and the degree of due diligence in the financial statements.

At the same time, attention is specifically drawn to the fact that compliance with the principle of prudence should not allow the creation of hidden reserves and excessive reserves, deliberately understatement of assets or income, or deliberately overstate the company's liabilities and expenses. In this case, the reporting information will no longer be neutral and will lose the quality of reliability. Therefore, preparers of reports must first of all proceed from the interests of its users, who rightly expect the most truthful presentation of the company's state of affairs.

“To be reliable, information in financial statements must be complete, taking into account materiality and costs” (definition of IFRS). An omission can render information false or misleading, and therefore unreliable and imperfect in terms of its relevance.

Comparability.

Comparability of the company's reporting data for different reporting periods and reporting data of different companies is a prerequisite for analyzing accounting information.

As stated in the standards, users of accounting information should be able to compare the financial statements of a company over different periods in order to determine trends in its financial position and performance. Users should also be able to compare the financial statements of different companies in order to assess their relative financial position, results of operations and changes in financial position.

However, it should be emphasized that the need for comparability should not be confused with a simple unification of accounting methodology. It should not become an obstacle to the necessary changes in methodology and the introduction of innovations in accounting practice. The main condition for comparability, as a qualitative characteristic of accounting information, is that users of financial statements are informed about the options for accounting policies, any changes in them, the results of these changes and their impact on the content of reporting indicators.

Thus, it is not the choice of accounting methodology itself that is of paramount importance, but the awareness of users about the accounting methods used and their impact on the content of the company's reporting.

international financial reporting standard

Posted on Allbest.ru

Classification of ifrs by purpose. Classification of international financial reporting standards Classification of standards for economic content allows you to supplement

Introduction

2. Classification of IFRS

The whole set of standards can be classified according to their purpose and economic content.

2.1. Classification of IFRS by purpose

The classification of standards according to their purpose assumes that the purpose or purpose of the standard acts as a classification feature. On this basis, the following blocks can be distinguished.

This group of standards has a basic, fundamental significance, because it is it that is considered the key to understanding the financial statements of any state that applies international standards in organizing accounting.

2.2. Classification of IFRS by economic content

First of all, these include:

- the relationship between the state and the enterprise. They are based on the interaction of the interests of the state, which models the development of the economy and forms the national budget, and the interests of an enterprise seeking to develop and increase its own capital;

- the relationship between producers and consumers. They are based on the combination and opposition of the interests of the "seller" and "buyer", regulated by the supply and demand of goods;

- the relationship between enterprises horizontally, i.e. between partner enterprises. Based on the economic interest of both parties to make a good deal;

- the relationship between the structural units of firms (segments of companies). Rely on a combination of the economic interest of each division in its own development and in the development of the entire company;

- relations between participants-contributors to the joint capital of the joint-stock company. Based on an interest in obtaining benefits in proportion to the capital invested;

- the relationship between employer and employee. They are based on an analysis of the relationship developing between the buyer and the seller, and are based, as already noted, on the combination and opposition of their interests;

- relations between countries. The modern world economy has a high level of integration. The interaction of large companies from different countries affects the interests of not only individual firms, but also countries and continents as a whole.

The grouping of economic relations also predetermines the classification of standards by economic content... In our opinion, the following groups can be distinguished.

1. basic accounting standards that disclose the fundamental principles of accounting, accounting policies and financial reporting.

2. standards governing the accounting of transactions affecting the interests of the state and the enterprise. This group includes standards for accounting for income, taxes, public investment, etc.

3. standards that establish accounting rules for issues affecting the interests of business partners. It is advisable to include in this group standards for accounting for results from joint activities, investments in other companies, etc.

4. Standards aimed at accounting for transactions within companies: for accounting for segment activities, for accounting for transactions in a merger, etc.

5. standards providing for regulation in the accounting of labor and pension costs.

6. Standards reflecting industry specifics. For example, the specifics of accounting in banking, insurance, construction, etc.

7. standards that consider the rules for maintaining accounting transactions that express the interests of the state and entrepreneurs at the international level: determining the accounting of foreign exchange transactions, accounting for the activities of joint ventures, etc.

It should be noted that the division of standards into these groups is conditional. However, such a classification makes it possible to more clearly represent the entire range of interrelated economic interests, which determines the construction of accounting standards.

The classification of standards according to their purpose and economic content applies to both international and domestic standards.

3. Prerequisites for international unification of standards in the field of accounting and reporting

In the second half of the XX century. the history of the development of accounting has entered a new phase - the phase of international unification.

This was facilitated by objective prerequisites, among which should be highlighted:

International standards financial reporting (13)

International standards financial reporting for credit institutions

Send your good work in the knowledge base is simple. Use the form below

Similar documents