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International Accounting
 

Specifics of regulatory control over the accounting process in public institutions

Vol. 19, Iss. 23, DECEMBER 2016

PDF  Article PDF Version

Received: 21 June 2016

Received in revised form: 11 July 2016

Accepted: 26 July 2016

Available online: 20 December 2016

Subject Heading: NATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: M41

Pages: 2-18

Druzhilovskaya T.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
druzhilovskaya@yandex.ru

Druzhilovskaya E.S. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
druzhilovskaya@yandex.ru

Maslova T.S. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
maslova-finfak@mail.ru

Importance The research focuses on issues of reforming the regulatory control over accounting in public and municipal institutions.
Objectives We outline our recommendations for developing the regulatory control in public and municipal institutions.
Methods The research employs a critical analysis of the current regulation of accounting in public institutions, compares various viewpoints on the issues.
Results We found unstipulated aspects of the regulation of the accounting process in public institutions and suggested approaches to further development of theoretical principles of such regulation. We advice to classify its levels and evaluate changes to be made under draft federal accounting standards for public institutions. We substantiated challenging issues of the preparation of such documents and indicated how the regulatory control should be improved in this respect.
Conclusions and Relevance Currently, the laws provide an insufficient framework for the accounting process in public institutions. To further develop regulatory control in public institutions, the theoretical principles and methodological aspects should be refined and advanced. If federal accounting standards are adopted for public institutions and properly practiced, it will substantially increase the reliability of accounting and reporting data in the sector. The findings are of applied and theoretical significance for financial accounting.

Keywords: public institution, reforms, regulatory, regulation

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