Home  Journals  International Accounting  48(390) - 2015 December

Theoretical approaches to the formation of accounting policy of the organization

Received: 23 November 2015

Received in revised form: 13 January 2016

Accepted: 1 March 2016

Available online: 25 March 2016

Subject Heading: PRINCIPLES OF ACCOUNTING

JEL Classification: 

Pages: 15-35

Importance The article considers the principles of accounting policy formation depending on the accounting concept. Nowadays, it is crucial to research the basic accounting principles as part of the economic and legal concept in accounting.
     Objectives The purpose of the research is to identify differences in approaches to the organization's accounting policy formation based on economic or legal substance of business factors.
     Methods The study employs a comparative analysis of principles, categories and methods of accounting, which are the basis of accounting policy formation according to Russian Accounting Standards and IFRS.
     Results The article covers issues connected with theoretical approaches to the formation of accounting policy of organization depending on the applied accounting concept. It systematizes similarities and differences in the application of general and basic accounting principles within the economic and legal concept in accounting.
     Conclusions and Relevance When forming an organization's accounting policy based on economic or legal substance of economic events, it is necessary to take into consideration the priority accounting principles, accounting methods and the basic accounting categories within the economic or legal concept in accounting.

Keywords: concept, accounting principle, accounting policy

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