Adapting Russian Accounting to the International Standards: Models, Algorithms, and Amendments

Keywords: IAS, consolidated financial statements, accounting, algorithm, model

Abstract

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.

Author Biographies

Aleksandr Troitskiy, State University of Management, Moscow, 99 Ryazansky Prospekt, Moscow, 109542, Russia

Rector of the State University of Management, Russian Federation

Roman Blizkiy, State University of Management, Moscow, 99 Ryazansky Prospekt, Moscow, 109542, Russia

Doctor of Economics, Professor of the Department of Accounting, Audit and Taxation

Irina Rakhmeeva, Ural State University of Economics in Yekaterinburg, 8 Marta street, 62, Yekaterinburg 620144 Russia

Candidate of Economic Sciences, Associate Professor of the Department of Regional, Municipal Economics and Management

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Published
2021-03-25
How to Cite
Troitskiy, A., Blizkiy, R., & Rakhmeeva, I. (2021). Adapting Russian Accounting to the International Standards: Models, Algorithms, and Amendments. VUZF Review, 6(1), 49-57. https://doi.org/10.38188/2534-9228.21.6.05
Section
Articles