Adapting Russian Accounting to the International Standards: Models, Algorithms, and Amendments
The article deals with the impact of the Covid19 pandemic on accounting and financial reporting in terms of the presentation of certain items in the income statement, the assessment of accounting judgments, key sources of uncertainty, and business continuity assumptions. The research focuses on the features of amendments, algorithms, and principles for implementing the provisions of IFRS in 2020: IAS (1) The authors proposed an algorithm for transforming (adapting) financial statements from RAS to IFRS. The article, systematized the approaches representing the key areas in the adaptation of the relationships that create the accounting environment for the successful implementation of the objectives of the transition to IFRS. An integrated approach to the adaptation stages takes into account the external and internal environment of the elements of the transformation of financial statements. The stages interact and are set up for the result of a successful transition to the formation of financial statements in accordance with IFRS. The authors note that the factors affecting the efficiency, reliability and high operational effect of the stage depend on many variables. The authors have developed a model of procedures for accounting and control assessment of elements compatibility for the adapting, and unifying stage of transition from RAS to IFRS.
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