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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Current issues of using discounted value in financial statements

Vol. 20, Iss. 9, SEPTEMBER 2021

Received: 2 September 2021

Received in revised form: 10 September 2021

Accepted: 18 September 2021

Available online: 30 September 2021


JEL Classification: G01, G17, M41, Q54

Pages: 1703–1730


Ol'ga V. EFIMOVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Ol'ga V. ROZHNOVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. We address the determination and use of discounted value in the preparation of financial statements under IFRS and problems associated with this estimate, including in circumstances of pandemics.
Objectives. We focus on a comprehensive study of the purpose, reasons, methods of calculating and applying the discounted value in the process of preparing the financial statements, and consider factors that affect the estimate and its changes, as well as its impact on the indicators of financial statements.
Methods. The study employs methods of logical, statistical, comparative, and linguistic analysis. We also review foreign and Russian scientific and practical literature, the rules contained in the Conceptual Framework for Financial Reporting, consolidated financial statements of Russian public companies for 2019 and 2020.
Results. We unveil problems associated with the use of discounted value and the area of its influence, make proposals to improve its measurement and disclosure in the preparation of financial statements. The scope of application of the results obtained includes: building up regular reporting by economic entities, primarily in terms of determining the discounted value, including in the direction of coordinating financial and non-financial reporting information and improving the reliability of disclosures and their analytic function.
Conclusions. To improve the reliability of financial statements, it is crucial to expand disclosures about approaches and assumptions used in measuring the discounted value and coordinate information about the elements of discounted value with non-financial reporting data.

Keywords: discounted value, cash flow, discount rate, financial statements, information disclosure


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ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 20, Iss. 9
September 2021