Serebryakova T.Yu.Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation tserebryakova@rucoop.ru
Gordeeva O.G.Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation gog3@yandex.ru
Importance The specifics of the current state of accounting is a transition from accounting principles that are based on historical cost to internationally recognized fair value accounting. However, not all assumptions of International Financial Reporting Standards (IFRS) enable to expressly and reasonably disclose information about financial standing of organizations in their financial statements. Fair value is not a completely objective indicator, therefore, there is a risk of misstatements. On the other hand, when revaluing assets and liabilities at fair value, both assets and liabilities change by equal values. So, from the financial analysis viewpoint, restatement under IFRS does not always alter conclusions about financial standing of organizations. Objectives The study aims to compare indicators of financial standing of organization preparing its IFRS financial statements based on transformation of its financial statements prepared under Russian Accounting Standards (RAS) and check if these reporting formats differ from each other. Methods The paper employs general scientific methods, i.e. systems approach, logical generalization, analysis, synthesis, and hypothesis. Results The findings show that subject to the existence of substantial differences in financial indicators, the results of the coefficient analysis of financial statements prepared under RAS and IFRS do not have critical differences when we analyzed the reporting of Rostelecom. Conclusions and Relevance It is necessary to get extended statistics for further generalizations. This will be a subject of our subsequent publications.
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