Subject The article compares processes of cost accounting and calculation of production costs under the Russian Accounting Standards (RAS) and International Financial Reporting Standards (IFRS). Objectives The main objective is to identify differences in the calculation of cost under the RAS and IFRS on the OAO AvtoVAZ case study. Presentation of reliable information in financial statements is important for internal and external users, especially with regard to expenses incurred in the core business process. Methods The study rests on the analysis of regulatory framework for Russian Accounting Standards and International Financial Reporting Standards, scientific materials, and indicators of financial statements of OAO AvtoVAZ. Results We revealed fundamental differences in calculation of the cost of production under RAS and IFRS, which resulted in two methods of measuring the financial performance of the company. The findings can be used to evaluate the product cost of companies preparing their financial statements in accordance with both the Russian Accounting Standards and International Financial Reporting Standards. Conclusions The variation of using the RAS and IFRS may have a significant impact on financial performance of the company and mislead internal and external users.
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