Importance Accounting financial statements, including the balance sheet, are the main source of information for different users, business evaluation and taking well-founded decisions. Objectives We consider the issues of compliance with the rules and standards established by the Russian legislation in order to obtain and reflect the complete and accurate information on the financial situation of an organization on the basis of the accounting financial reporting for different users. We highlight the problems, similarities and differences of the existing RAS and IFRS requirements regarding the presentation of the information in the balance sheet. We review the balance sheet as an essential source of information for a comprehensive economic analysis. We identify the overall purpose of the balance sheet analysis, in particular, identification and disclosure of the financial position of an entity and the prospects of its development. Methods We substantiate the principles and underlying assumptions of the financial accounting statements according to the IFRS and the RAS practices, in compliance with which the qualitative characteristics of the financial statements become necessary for compiling the financial reporting and analysis of the information users. We have performed a comparative analysis of the Russian practice of establishing the maturity terms in accordance with IFRS practice. Results We have substantiated the technique of analysis of the balance liquidity at rate of four groups of assets and liabilities taking into account the advantages and disadvantages. Conclusions and Relevance The financial statements data, including the balance sheet data, and the results of the economic analysis are reliably necessary to the organizations interested and the business representatives to make effective business decisions, and to investors in order to evaluate the effectiveness of investment in the business development, and to the managers to assess the stability, profitability and the possibility to pay salaries.
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